Colombia GDP Annual Growth Rate2001-2020 Data | 2021-2022 Forecast | Calendar

Colombia's economy shrank 9% year-on-year in the third quarter of 2020, following an upwardly revised 15.8% plunge in the prior period. Figures came slightly worse than market expectations of an 8.6% contraction, amid the lingering effects of the pandemic crisis and a prolonged lockdown until end-August. Among hardest-hit sectors, activity fell less in recreation & entertainment (-29.7% vs -37.1% in Q2); construction (-26.2% vs -33.2%) and retail & wholesale trade, transportation, hotels & restaurants (-20.1% vs -34.1%); mining (-19.1% vs -21.6%); manufacturing (-7.2% vs -25.4%) and professional, scientific, technical and administrative & support (-6.1% vs -10.6%). On the other hand, growth was recorded in real estate activities (1.8% vs 2%); finance & insurance (1.5% vs 1%) and agriculture (1.5% vs -0.1%). On a seasonally adjusted quarterly basis, the GDP grew 8.7%, recovering from an upwardly revised 16.1% plunge in the previous period.

Colombia's economy contracted 15.7 percent year-on-year in the second quarter of 2020, following a revised 1.4 percent growth in the previous period and against market expectations of a 15 percent plunge. It was the sharpest contraction on record, heightening the economic blow of the coronavirus pandemic. Output shrank in manufacturing (-25.4 percent vs -0.6 percent in Q1 2020); retail & wholesale trade, transportation, hotels & restaurants (-34.3 percent vs 2.0 percent) and public administration, defense, education and health (-3.7 percent vs 3.1 percent). On a seasonally adjusted quarterly basis, the GDP plummeted also at a record 14.9 percent, after a revised 2.1 percent drop in Q1.

Colombia's economy advanced 1.1 percent year-on-year in the first quarter of 2020, slowing from a downwardly revised 3.4 percent in the previous period and below forecasts of a 1.5 percent expansion. It was the weakest growth since Q1 2017, amid the coronavirus pandemic. Output shrank in construction (-9.2 percent vs 0.2 percent in Q4 2019); manufacturing (-0.6 percent vs 1.4 percent); mining & quarrying (-3 percent vs 1.8 percent); and entertainment & recreation activities (-3.2 percent vs 2.3 percent). Also, output growth eased in retail & wholesale trade, transportation, hotels & restaurants (0.9 percent vs 4.7 percent); real estate (2.6 percent vs 2.9 percent); professional & technical activities (2.7 percent vs 3.8 percent); finance & insurance (2.1 percent vs 4.6 percent); and public administration, defense, education and health (3.4 percent vs 4.3 percent). On a seasonally adjusted quarterly basis, the GDP shrank at a record 2.4 percent, after a 0.5 percent growth in Q4.

Colombia's economy advanced 3.4 percent year-on-year in the last quarter of 2019, slowing from an upwardly revised 3.5 percent expansion in the previous period but beating market forecasts of 3.1 percent. Output growth eased in retail & wholesale trade, transportation, hotels & restaurants (4.7 percent vs 5.9 percent in Q3); finance & insurance (4.6 percent vs 8 percent); public administration, defense, education and health (4.9 percent vs 5.1 percent); manufacturing (1.4 percent vs 1.5 percent); real estate (2.8 percent vs 3 percent); professional, scientific and technical activities (3.6 percent vs 4.1 percent); and utilities (2.7 percent vs 2.8 percent). On a seasonally adjusted quarterly basis, the GDP increased 0.5 percent, after a 0.6 percent rise in the prior quarter. Considering full 2019, the economy grew 3.3 percent in 2019, faster than a 2.5 percent expansion in 2018.