The Colombian economy grew 7.5% in 2022. This was announced today by Dane, in the presentation of the Gross Domestic Product (GDP) report for the last quarter of last year, and also for the complete data for the year.
Regarding the annual figure, which registered a growth of 7.5%, the director of Dane, Piedad Urdinola, highlighted that “the annual growth rate in its original series continued to be a figure well above the highest levels that they were had before the pandemic, and it is expected that this adjustment towards those levels will continue ”.
More than half of that result, 4.5 percentage points, was driven by three sectors: commerce, transport, accommodation and food services, which contributed 2.1 points; manufacturing industries, with 1.2 percentage points, and artistic, entertainment and recreation activities, also with 1.2 points.
The sectors with the most significant variations were artistic activities, entertainment and recreation (37.9%), information and communications (14.2%), commerce, transportation, accommodation and food services (10.7% ) and manufacturing industries (9.8%).
Professional, scientific and technical activities also had a positive behavior in 2022, with a variation of 8.3%, financial and insurance activities (6.5%), construction (6.4%), public administration and defense, education and health (4.9%), the supply of electricity, gas, steam and air conditioning (4.1%), real estate activities (2.0%) and the exploitation of mines and quarries, with 0. 6%
The only negative variation was registered by the agricultural sector, with a figure of -1.9%.
The Dane also reported that a methodological update was made in the measurement of information, especially in the construction sector, which led to reviewing the GDP figure for 2020, which did not fall 7%, but presented a variation of -7, 3%.
“For 2021 the growth rate also changes, instead of being 10.7% it was 11%, with differences in public administration, safety and health; trade and manufacturing industries. These are the main changes in the 2021 review,” Urdinola said.
According to the statistical entity, in the last quarter of 2022, that is, between October and December, the economy grew 2.9% compared to the same period in 2021.
And there were three sectors that stood out the most, and that together contributed 2.0 percentage points to the variation in GDP in the last quarter.
“Artistic, entertainment and recreation activities, which due to online games and gambling, as well as the World Cup and concerts in the last quarter, as well as many massive events explained 1.3 percentage points; financial and insurance activities contributed 0.4 percentage points and manufacturing industries 0.3 points”, said the director of the statistical entity.
In the last quarter of 2022, the greatest variation occurred in the branch of artistic and entertainment activities, with 40.5%, well above the other sectors. Financial activities registered a growth rate of 8.4%, followed by the branch of information and telecommunications (5.7%), scientific and technical professional activities (3.9%) and manufacturing industries (2.7% ).
Real estate activities (2.0%), the supply of electricity, gas and aqueduct (1.5%), public administration, defense, education and health (1.4%) and trade (1.0%).
On the other hand, agriculture, livestock, hunting and fishing activities registered a negative performance with -4.2%, construction (-1.9%) and mining and quarrying (-1.7%).
On the other hand, the quarterly growth rate showed only an expansion of 0.7% when compared to the volume of production in the economy that was registered between July and September 2022.
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