According to the recent report of the Economic Monitoring Index (ISE) of the Dane, Colombia’s agricultural sector experienced a remarkable growth of 7.5% in July 2024 compared to the same month last year.
(See: Colombia breaks record in adoption of genetically modified crops)
This advance also translates into an increase of 6.43% compared to the previous month, consolidating the importance of primary activities as a pillar of the national economy.
The Dane report not only highlights the performance of the agricultural sector, but also reveals that The Colombian economy grew by 3.68% in July 2024 compared to the same month of the previous year.
(See more: Agricultural exports grew 13.1% in value and 7% in volume during July)
Compared to June this year, growth stands at 2.45%. This upturn has been driven by sectors such as tourism, industry and infrastructure investments. In fact, during the first seven months of 2024, the agricultural sector is positioned as the second most important driver of the economy, only surpassed by the services sector.
Agriculture
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The Organization for Economic Cooperation and Development (OECD) has highlighted that agricultural activity, along with forestry and fishing, contributes approximately 9.2% to Colombia’s Gross Domestic Product (GDP), a figure that significantly exceeds the average of other member countries, where this contribution does not reach 3%.
(See: Why food and beverages was the expenditure division with the lowest CPI variation)
In addition, other positive economic indicators in July They include an increase in the supply of food in wholesale centres, as well as growth in exports of agricultural and agro-industrial products. The production of coffee, beef, pork, chicken and eggs has been particularly notable in this context of growth.
From the Ministry of Agriculture, it was reaffirmed that “Our goal is to make Agrarian Reform a comprehensive reality, not only by handing over land, but also by promoting the industrialization of the countryside and developing productive projects.“, they said from the portfolio.
(Read more: Agriculture, the most important non-mining sector in the relationship with the United States)
