Colombia GDP


Colombia: GDP recovers some ground at the end of 2012

March 21, 2013

In Q4, GDP grew 3.1% over the same quarter the previous year. The figure overshot the 2.7% expansion observed in the third quarter (previously reported: +2.1% year-on-year) and was broadly in line with the 3.3% increase projected by last month's LatinFocus Consensus Forecast. As a result, in the full year 2012, GDP expanded 4.0%, which is down from the 6.6% growth rate witnessed in 2011.

The acceleration seen in the fourth quarter was mainly caused by a strong improvement in domestic demand. Total consumption grew 4.5% in the fourth quarter (Q3 2012: +4.1% yoy), amid healthy growth in both private consumption (Q3: +3.9% yoy; Q4: +4.0% yoy) and government spending (Q3: +5.2% yoy; Q4: +6.5% yoy). In addition, fixed investment expanded 3.4%, up from the 1.6% increase seen in Q3.

Meanwhile, the external sector remained broadly unchanged over the previous quarter, as both exports and imports decelerated at a similar pace. Exports grew 1.4% (Q3: +6.8% yoy), while imports expanded 3.3% (Q3: +8.0% yoy). As a result, the external sector's net contribution to overall growth improved from minus 0.9 percentage points in the third quarter to minus 0.6 percentage points in the fourth.

A quarter-on-quarter comparison corroborates the acceleration suggested by the annual data, as the economy expanded 1.8% over the previous quarter in seasonally adjusted terms, contrasting the 0.7% drop recorded in the third quarter.

The Central Bank projects economic growth to reach between 2.5% and 4.5% this year, while the government expects the economy to expand 4.8%. LatinFocus Consensus Forecast panellists expect GDP to grow 4.1% in 2013, which is down 0.2 percentage points from last month's projection. For next year, the panel sees economic growth at 4.8%.


Sample Report

Looking for forecasts related to GDP in Colombia? Download a sample report now.


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

Colombia Economic News

  • Colombia: Inflation remains steady in June

    July 5, 2018

    According to the National Department of Administrative Statistics (DANE), consumer prices rose 0.15% over the previous month in June, a smaller rise than the 0.25% month-on-month increase in May.

    Read more

  • Colombia: PMI shoots up to two-and-a-half year high in June

    July 3, 2018

    The seasonally-adjusted Davivienda manufacturing Purchasing Managers Index (PMI) climbed to 53.0 in June, up from 51.1 in May, which marks the highest result since January 2016.

    Read more

  • Colombia: Central Bank keeps interest rate on hold in June

    June 29, 2018

    At its 29 June Board of Directors meeting, Colombia’s Central Bank (Banco de la República, BanRep) unanimously voted to maintain the benchmark interest rate at 4.25%, following a rate cut by 25 basis points at its last meeting held in April.

    Read more

  • Colombia:

    June 19, 2018

    The Fedesarollo consumer confidence index shot up to 8.9 points in May from 1.5 points in April, moving further above the zero-point threshold separating optimism from pessimism among consumers.

    Read more

  • Colombia: Industrial production records stellar expansion in April

    June 15, 2018

    According to data released by Colombia’s National Administrative Department of Statistics (DANE) on 15 June, industrial output expanded 10.5% over the same month of the previous year in April, contrasting a revised 1.2% year-on-year contraction in March (previously reported: -1.4% year-on-year). Looking at a breakdown of the data, 34 out of the 39 industrial activities recorded an upturn, while the remaining five categories registered a decline.

    Read more

More news

Search form