GDP in Colombia
Colombia - GDP
GDP slows to weakest expansion in over six years in Q3
The Colombian economy continues to grapple with low oil prices two years after prices first started to fall. Official production-based data released on 25 November showed that GDP grew 1.2% over the same quarter last year in Q3. The result came in below both the 2.0% increase registered in Q2 and market expectations of a 1.5% rise, marking the worst result in over six years—a time when the economy was gripped by the fallout from the global financial crisis. According to the Colombian National Statistical Institute (DANE), Q3’s weaker-than-expected print was mainly driven by, among other factors, the 45-day truckers’ strike that ended in late July and by subdued global trade.
In Q3, four of the nine economic sectors declined relative to the previous quarter. As expected, the transport sector contracted, along with the agriculture, utilities and mining sectors. Mining, in particular, recorded a dramatic contraction, reflecting lower oil production (-13.0% year-on-year). Oil output is expected to remain weak as investment in the sector remains low. The agricultural sector was mainly affected by a significant drop in coffee output, partly related to adverse weather conditions. On the other hand, large expansions in construction, finance and the manufacturing sectors were registered in the three-month period to September.
In seasonally-adjusted terms, the economy expanded 0.3% over the previous quarter in Q3, which was slightly above Q2’s 0.1% increase.
Panelists participating in the LatinFocus Consensus Forecast project that GDP will expand 2.1% in 2016. In 2017, panelists expect GDP to grow 2.7%, which is unchanged from last month’s forecast.
Colombia - GDP Data
|Economic Growth (GDP, annual variation in %)||6.6||4.0||4.9||4.4||3.1|
5 years of economic forecasts for more than 30 economic indicators.
Colombia GDP Chart
Source: Statistical Institute (DANE).
|Bond Yield||7.01||2.19 %||Feb 16|
|Exchange Rate||2,877||0.06 %||Feb 16|
|Stock Market||10,042||0.74 %||Feb 16|
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February 4, 2017
In January, Colombian consumer prices rose 1.02% from the previous month.
February 3, 2017
In December, exports grew a massive 32.7% from the same month of the previous year, which followed the 12.6% expansion in November and represented the largest monthly gain since December 2011.
January 27, 2017
The board of the Central Bank (BanRep) decided to keep the lending rate unchanged at 7.50% in a 4-to-3 decision at its 27 January monetary policy meeting, which was the first to be headed by recently appointed Governor Juan José Echavarría.
January 18, 2017
In November, industrial production rose 1.6% annually, up from October’s anemic 0.4% increase.
January 6, 2017
In December, consumer prices rose 0.42% from the previous month.