GDP reading disappoints markets: Australia’s GDP increased 0.3% in seasonally adjusted quarter-on-quarter terms in Q1, following a 0.9% expansion in...
Economic Growth in Colombia
Colombia's economy showed solid growth in the years before the pandemic, above the Latin American average. The pandemic then provoked a deep recession followed a sharp rebound. In 2023–2024, growth averaged far below pre-pandemic levels, hit by high inflation and interest rates plus muted investor sentiment due to the government's widening fiscal shortfall and unfriendly stance towards the business sector.
In the year 2024, the economic growth in Colombia was 1.60%, compared to 4.50% in 2014 and 0.71% in 2023. It averaged 2.72% over the last decade. For more GDP information, visit our dedicated page.
Colombia GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Colombia from 2014 to 2025.
Source: Macrobond.
Colombia GDP Data
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Economic Growth (Real GDP, ann. var. %) | 10.8 | 7.3 | 0.8 | 1.5 | 2.6 |
| GDP (USD bn) | 318 | 346 | 367 | 420 | 457 |
| GDP (COP tn) | 1,193 | 1,471 | 1,587 | 1,713 | 1,853 |
| Economic Growth (Nominal GDP, ann. var. %) | 19.4 | 23.3 | 7.9 | 7.9 | 8.1 |
Economic growth picks up in the first quarter of 2026
GDP growth exceeds market estimates: Colombia's GDP grew 2.2% in annual terms in Q1, following a 2.1% expansion in the previous quarter and overshooting market expectations. On a seasonally adjusted quarter-on-quarter basis, GDP expanded 0.6% in Q1, following a flat reading in the prior quarter.
Private spending spearheads GDP growth: Relative to the prior quarter's data, readings in Q1 improved for private consumption (+2.7% in annual terms vs +2.3% in Q4), fixed investment (+3.7% vs -2.0% in Q4) and imports of goods and services (+3.5% vs +2.9% in Q4). In contrast, readings softened for government consumption (+7.8% vs +9.2% in Q4) and exports of goods and services (+3.5% vs +3.7% in Q4). Private spending was the main driver of growth in Q1, thanks to an unprecedented 22.7% minimum wage increase effective from 1 January. On the other hand, the external sector weighed on GDP growth as a result of higher global trade protectionism.
GDP growth to rise, but risks loom: The economy is expected to grow at a stronger pace in Q2. That said, downside risks loom. Higher price pressures due to the U.S.-Iran war and elevated interest rates are likely to depress domestic activity. Moreover, social unrest related to May’s presidential election could sour investor sentiment and weigh on domestic consumption.
Panelist insight: Commenting on the outlook, BBVA’s Alejandro Reyes González stated: “The observed trend in the variables is in line with expectations, except for the behavior of external demand (which was more dynamic than anticipated, in both exports and imports) and especially the behavior of inventory changes. This is a highly volatile variable, but it points to a downward bias for GDP performance this year, even though the dynamics of domestic spending remain favorable. With this in mind, we believe there is a downside bias to our growth forecast for the year.”
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Colombian GDP projections for the next ten years from a panel of 56 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Colombian GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Colombian GDP projections.
Want to get access to the full dataset of Colombian GDP forecasts? Send an email to info@focus-economics.com.
Latest Global GDP News
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Australia: Economic growth slows in the first quarter of 2026 -
Switzerland: Economic growth rises in the first quarter of 2026 GDP reading: Switzerland’s GDP grew 0.7% on a seasonally adjusted quarter-on-quarter basis in Q1, following 0.2% growth in the previous... -
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Czech Republic: Economic growth slows in the first quarter of 2026 Q1 clocks weakest GDP reading since Q3 2023: The Czech Republic’s GDP expanded 0.2% in seasonally adjusted quarter-on-quarter terms in... -
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Latvia: Economic growth decelerates in the first quarter of 2026 GDP reading: Latvia’s GDP increased 2.5% in annual terms in Q1, following 2.9% growth in the prior quarter. In seasonally... -
Croatia: Economic growth eases in the first quarter of 2026 GDP growth decelerates more than expected in Q1: Croatia’s GDP expanded 2.2% in annual terms in Q1, following upwardly revised...