In the second quarter, GDP added 5.2% over the same quarter last year, which represented an improvement over the 4.7% expansion observed in the first quarter (previously reported: +5.1% year-on-year) and was broadly in line with market expectations. The second quarter acceleration was primarily driven by domestic demand, in particular by a strong increase in stocks as well as strengthening gross fixed capital formation (Q1: +11.7% yoy; Q2: +14.8% yoy), which pushed investment to a 21.1% expansion in Q2 (Q1: +17.0% yoy). Private consumption jumped 6.4% year-on-year (Q1: +6.0% yoy), while government spending increased 1.8% (Q1: +0.9% yoy). Meanwhile, the external sector deteriorated over the previous quarter, as the 7.6% rise in exports (Q1: +10.9% yoy) was more than offset by a strong jump in imports, which accelerated from a 25.6% increase in Q1 to a 28.4% expansion in Q2. As a result, the overall contribution from the external sector decreased from minus 4.1 percentage points in the first quarter to minus 5.5 percentage points in the second quarter. At the sector level, services expanded 5.4% in the second quarter, overshooting the 4.2% increase in the first quarter. Industry grew 3.3% (Q1: +3.5% yoy), while agriculture increased 2.2% (Q1: +6.9% yoy). A quarter-on-quarter comparison corroborates the strong growth seen in the annual data, as the economy added 2.1% over the previous quarter (Q1: +0.7% qoq).
GDP accelerates in Q2
September 22, 2011
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Colombia Economic News
October 7, 2016
In what was a narrow and shocking result, Colombians rejected the peace agreement between the government and the FARC at the 2 October referendum.
September 30, 2016
In August, exports grew 7.0% over the same month last year, which sharply contrasted the 27.3% plunge recorded in July.
September 30, 2016
The seven-member board of the Central Bank (BanRep) unanimously decided to keep the reference interest rate unchanged at 7.75% at its 30 September monetary policy meeting.
September 16, 2016
Industrial production unexpectedly shrank 6.2% annually in July, which contrasted the 6.7% increase seen in June.
September 5, 2016
The Colombian economy continues to adjust to low oil prices two years after they first started to collapse.