Colombian economy grows by more than 10.2%.

The National Administrative Department of Statistics also revealed that this data, when compared to the last pre-pandemic year (2019), shows a growth of 2.8%.

One of the economists of Scotiabank Colpatria business group, stated that this figure shows the consolidation of a continuous growth of the country, however, he warned that “we still have a long way to go because in two years we grew 2.8% and that also means that employment cannot recover so quickly”.

Ministry of Finance affirms that 10.2% growth in 2021 is more than a simple rebound.

Carolina Soto, former director of the Bank of the Republic, reminded that this 2.8% growth remains below the historical average and the potential of the economy. This, because much of the ground gained during the past year was due to the rebound effect against the fall seen in 2020.

Due to the growth of the economy, the Colombian GDP expanded at a rate of 13.2% in the third quarter of this year.

The DANE had placed this contraction at -6.8%. However, Juan Daniel Oviedo, director of the entity, said that, after a review, it was found that the fall was deeper. This responds to a methodological revision of the construction figures for residential and non-residential buildings. These models had not been since 2005, so it had a great impact on the data. Thus, in 2020, the drop was -7% and there was also a decrease to the 2019 data for the same reason which placed it at 3.2% after having been at 3.3%.

During 2021, GDP at constant prices stood at $1,176 trillion. This is $177 billion more than in 2020 and $116 billion more versus 2019.

GDP growth at 10.2% is not reflected in the recovery of lost jobs.

The Central Bank (Banco de la República) released its macroeconomic estimates. In this the issuer revised downward its projection for this year, from 4.7% to 4.3%. The report explains that, although there are several factors that will continue to contribute to the recovery of the product, some will do so with less strength than previously estimated. International financial conditions are expected to be looser, external demand is expected to continue to recover, and terms of trade are expected to continue to rise.

Source: La Republica

https://www.larepublica.co/economia/consumo-de-los-hogares-impulso-el-crecimiento-de-la-economia-colombiana-a-106-3303521#:~:text=El%20Dane%20revel%C3%B3%20que%20el,10%2C6%25%20durante%202021.