Published on Friday, May 24, 2024

Colombia | Cracking the GDP Code: A Closer Look

Last week's GDP release, showing a 0.7% YoY growth, raised several points for analysis: the dynamics of GDP per capita in pesos, the importance of the housing sector, the boost in services exports, the performance of domestic demand, and future signals.

Key points

  • Key points:
  • Economic growth completed four consecutive quarters below the population growth rate, which stands at 1% annually.
  • Expanding housing construction is imperative. Construction is interconnected with 55% of Colombia's economic sectors. The performance of exported services stood out and is higher than reported in 2019.
  • The dynamics of domestic spending are more negative than those recorded in GDP.
  • As the first quarter progressed, the slow growth became more pronounced.
  • The Colombian economy is in slow motion, a situation that demands urgent and strategic actions.

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