Official! The Colombian economy grew 10.6% in 2021: Denmark

The Colombian economy grew by 10.6% in the previous year, as made official today by the National Statistics Administration (Dane).

The director of this entity, Juan Daniel Oviedo, specified that the figure was 7% higher than the negative performance observed by GDP in 2020, a period marked by the Covid-19 pandemic. This indicator was initially at -6.8%, but Dane’s review and statistical adjustments applied showed that the contraction in 2020 was even larger (-7%).

In 2019, although the initial GDP growth was positive at 3.3%, the revised figure was 3.2%.

According to the official, other statistical entities in countries such as Australia and the United States also corrected the GDP data they initially reported for 2020, due to the introduction of methodological differences.

The economic activities that contributed the most to the positive dynamics of GDP last year are:

wholesale and retail; car and motorcycle repair; transportation and storage; Accommodation and food services which grew by 21.2%.

Manufacturing grew by 16.4% and public administration and defense. compulsory social security plans; education; Activities of human health care and social services which grew 6.9%.

For the fourth quarter of 2021 (October-December), GDP grew by 10.8%, driven by the dynamics of wholesale and retail trade. car and motorcycle repair; transportation and storage; Accommodation and food services which increased by 21.2%; and manufacturing that grew 11.7%.

Yesterday, during President Ivan Duque’s visit to Europe, economic growth was expected to be above 10.2%, which, according to the president, showed the country’s resilience, and emphasized that it is “growth with sustainability”.

The number was also higher than the estimates of some economic analysts, such as Colombia, who chose double-digit growth (greater than 10%) for the first time since official figures were available (1975).

Danish data also put 2021 national GDP at $1,176 billion, up from $998 billion for 2020.

Leave a Reply

Your email address will not be published.