attractive landscape in Colombia

Colombia Economic Activity March 2024

Colombia: Economic activity records joint-worst result in over three years

Economic activity decreased 1.5% year-on-year in March, contrasting February’s 2.2% increase. March’s reading was the joint-lowest since February 2021 and fell short of market expectations. Looking at the details of the release, the agriculture sector swung into contraction in the month. Moreover, industrial activity declined at the fastest pace in seven months, and growth in services moderated. As a result, the trend pointed down, with annual average growth in economic activity coming in at 0.2%, down from February’s 0.5%.

On a seasonally adjusted monthly basis, economic activity fell at a sharper rate of 0.8% in March (February: -0.3% s.a. mom), the worst result since July 2023.

Credicorp Capital’s Diego Camacho Alvarez and Daniel Velandia commented on March’s reading:

“[March’s reading is] mostly explained by the calendar effect as this month had four fewer business days compared to Mar-23 and […] we estimate that one fewer business day subtracts 1.2-1.5pp to economic growth in a particular month. In fact, this effect is set to reverse in Apr-24.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest