2024-09-05 05:15:30
According to DANE, the second quarter of 2024 saw the Colombian economy grow by 2.1% compared to the same period in 2023, meeting the expectations of analysts who expected the second quarter of the year to be around 2%. With this, the dynamics of the Colombian economy are leaving behind the low growth achieved in the first three months of the year, and although the figures are lower than the growth potential, they represent a change in trend.
From an expenditure perspective, in the second quarter domestic demand grew by 1.6%, driven mainly by the positive variation in gross capital formation (4.7%), government spending (2.0%) and household spending (1.5%). Likewise, there was growth in exports and imports, figures that stood at 4.8% and 14.5%, respectively.
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And when analyzing GDP from an expenditure perspective during the course of 2024, it can be seen that total investment continues to fall, reaching -5.1% between January and June compared to the first half of 2023.
Likewise, imports so far this year have decreased by 4.2% in 2024, while domestic demand has decreased by 0.2%.
In the second quarter of 2024, there was growth in nine productive activities compared to the same period in 2023: artistic, entertainment and recreation activities (11.1%), agriculture and livestock (10.2%), public administration (4.8%), electricity, gas and steam supply (2.6%), construction (2.4%), real estate activities (1.9%), financial and insurance activities (1.4%), professional activities (0.2%) and commerce (0.2%). On the other hand, there was a decrease in manufacturing industries (-1.6%), information and communications (-1.9%) and mining and quarrying (-3.3%).
Also from a production perspective, GDP during the first half of 2024 showed growth of 1.5% compared to the same period of the previous year.
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