Colombia GDP Q2 2022

Colombia

Colombia: GDP growth accelerates in the second quarter

August 16, 2022

GDP growth sped up to 12.6% year on year in the second quarter, from 8.5% in the first quarter.

Household spending increased 14.6% in the second quarter, above the first quarter's 12.2% expansion. Meanwhile, public consumption growth moderated to 3.7% in Q2 (Q1: +8.5% yoy). Simultaneously, fixed investment growth waned to 9.6% in Q2, from 11.0% logged in the previous quarter.

On the external front, exports of goods and services growth accelerated to 31.6% in Q2 (Q1: +18.6% yoy). Conversely, imports of goods and services growth moderated to 31.7% in Q2 (Q1: +36.7% yoy), marking the lowest reading since Q1 2021.

Lastly, on a seasonally adjusted quarter-on-quarter basis, economic growth sped up to 1.5% in Q2, compared to the previous quarter's 1.4% increase.

Our panelists project GDP to expand 5.8% in 2022, which is up 0.4 percentage points from last month's forecast. For 2023, panelists see GDP growing 2.6%.


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Colombia GDP Q2  2022 1

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


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