2024-04-04 15:39:08
The leap year of 2024 could offer an economic respite for Colombia, according to a study carried out by economic researchers at the Bank of Bogotá. This analysis projects that the two additional business days this year, compared to 2023, will have a positive impact on approximately 30% of the country’s total production.
The report indicates that the sectors that will mainly benefit are agriculture, manufacturing, transportation services, education, entertainment and mining, especially coal extraction, which together represent a significant part of the Colombian economy.
“While lower interest rates could boost the level of economic activity, the additional day will undoubtedly also contribute,” the report notes. “The current year will have 297 working days, two more than in 2023, which is an important factor to consider when projecting the dynamism of productive activity for this year.”
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On the other hand, sectors such as health services, accommodation and food services are expected to be affected due to a possible decrease in household demand. However, activities such as public services, messaging, real estate, communications and public administration do not usually see their production affected by changes in the number of working days.
The Economic Research area of the Bank of Bogotá estimates that the two additional working days in 2024 could increase the national Gross Domestic Product (GDP) by 0.1%, which is equivalent to about $1.6 trillion in 2024.
“Although this impact may initially seem low, it must be taken into account that only 30% of activities benefit, and the magnitude of the effect is influenced by the country’s macroeconomic conditions,” the report concludes.
In a challenging economic landscape, these additional days could offer a small boost to certain sectors, contributing to the overall growth of the Colombian economy over the course of the year.
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