Colombia GDP Q1 2022

Colombia

Colombia: GDP growth records slowest increase since Q1 2021 in the first quarter, but beats market expectations

May 16, 2022

GDP growth slowed markedly to 8.2% year on year in the first quarter, from 10.8% in the fourth quarter of last year. Q1's reading marked the worst reading since Q1 2021. However, the print beat market expectations.

Household spending increased 12.2% in the first quarter, which was below the fourth quarter's 13.6% expansion. Public spending improved to a 8.6% expansion in Q1 (Q4 2021: +7.9% yoy). Meanwhile, fixed investment growth sped up to 11.0% in Q1, from the 7.8% increase logged in the previous quarter.

On the external front, exports of goods and services growth fell to 16.7% in Q1, marking the worst result since Q2 2021 (Q4 2021: +35.6% yoy). Conversely, imports of goods and services growth picked up to 38.6% in Q1 (Q4 2021: +36.9% yoy).

On a seasonally adjusted quarter-on-quarter basis, economic growth slowed markedly to 1.0% in Q1, compared to the previous period's 2.5% expansion. Q1's reading marked the worst reading since Q2 2021.

FocusEconomics panelists project GDP to grow 4.9% in 2022, which is up 0.2 percentage points from last month’s forecast. For 2023, panelists see GDP growth at 3.0%.


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Colombia GDP Q1  2022

Note: Year-on-year changes of GDP in %.
Source: Colombia National Statistical Institute (DANE) and LatinFocus Consensus Forecast.


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