Colombia‘s economy registered a growth of 2.02% in August 2024 compared to the same month of the previous year, according to the Economic Monitoring Index (ISE) revealed by DANE.
This indicator, which measures the monthly economic activity of the country, highlighted the recovery of several productive sectorswith a cumulative growth of 1.92% between January and August 2024, compared to 0.96% for the same period in 2023.
According to DANE, this 2.02% growth in the original series corresponds to the basic information collected. Meanwhile, the seasonally adjusted series, which considers calendar days and economic cycles, showed a slightly larger increase of 2.10% compared to August 2023. However, compared to July 2024, the August ISE reflected a drop of 1.66%.
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Performance by sectors
The increase in economic activity was largely driven by primary activities, including agriculture, livestock, fishing, forestry and mining, with a growth of 3.52% in its original series and 3.74% in the adjusted series. This positive behavior of agriculture was highlighted by President Gustavo Petro in his account on the social network in the productivity of our field.
Tertiary activities, which include sectors such as commerce, public services, vehicle repair, accommodation and foodalso contributed to growth, with an increase of 2.39% in the original series and 2.33% in the adjusted one. This sector continues to be a fundamental driver of the economy, especially in services and commerce.
However, the report was not entirely positive for secondary activities, such as industry, manufacturing and construction, which suffered a contraction of 1.39% in August compared to the same month of the previous year, and a decrease of 1.26% in the adjusted series. Compared to July 2024, the ISE of these activities decreased by 0.75%, reflecting the challenges faced by the national industry.
Outlook for the rest of the year
Despite the good performance of agriculture and commerce, the decline in secondary activities generates concern in some sectors. However, the general balance remains positive for the Colombian economy, which has managed to consolidate growth of 1.92% so far this year, which represents a significant improvement compared to the performance of the same period in 2023.
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