Colombia's GDP grew 7% in the third quarter of 2022

Colombia’s GDP grew 7% in the third quarter of 2022

Colombia's GDP grew 7% in the third quarter of 2022

The Colombian economy grew 7% in the third quarter of the year, as reported by the National Administrative Department of Statistics (Dane).

According to the entity, three activities contributed 3.7 percentage points to the total variation in GDP, the most important being commerce, transportation, accommodation, and food services, which contributed 1.6 points, followed by artistic activities. and recreation, with a contribution of 1.1 points, and manufacturing industries, with 0.9 points of the total variation for the quarter.

“In the original series for the third quarter of 2022 we have a rate of 7%, which represents that so far this year that growth in the original series is positive and equal to 9.4%,” said Julieth Solano, director of Dane’s Directorate of Regulation, Planning, Standardization and Normalization, who presented the report.

In terms of growth, among the sectors with the best dynamics compared to the July-September 2021 period, the 36.9% increase in the case of artistic activities stands out, followed by the 14% variation in information and communications and 13.4% for the construction branch.

Most sectors registered single-digit variations, as was the case of mining and quarrying exploration (2.5%), manufacturing industries (7.0%), supply of electricity, gas and other services (2.7% ), the branch of commerce, transportation, accommodation and restaurants (8.1%), financial and insurance activities (9.2%), real estate activities (2.1%), scientific and technical professional activities (7.9% ) and the category of public administration and defense, health and education (2.9%).

Only one sector reported negative dynamics, agriculture, livestock, hunting, forestry and fishing, which showed a negative variation of -1.4%.

With new information available, Dane also revised the values ​​for GDP for the first and second quarters of this year, which went from 8.6% to 8.7%, and from 12.6% to 12.8%, respectively.

Economy Monitoring Indicator

Dane also delivered the results of the Economic Monitoring Indicator (ISE), with which the entity monitors economic activity on a monthly basis, and registered an annual variation of 4.2% in the month of September.

As Solano explained, in the ninth month of the year three sectors contributed 3.7 percentage points to the total variation and the greatest contribution was made by artistic, entertainment and recreation activities, with 1.7 percentage points, which it was explained by the dynamics of mass events, concerts and other cultural events.

The branch of commerce, transport, accommodation and food services contributed 1.3 points, and the celebration of the Day of love and friendship, as well as the full opening compared to the conditions of September 2021 were the factors that explained this dynamic. Manufacturing industries contributed 0.7 points to the total variation and were the third sector with the highest participation.

Likewise, the Dane a regular review of the statistics of previous months. In the quarter, the improvement in the forecasts for July stands out, from 6.4% to 6.7%, and those for August, from 8.6% to 9%.

As Solano explained, the result of the ISE for September “is marking a slowdown in the dynamics shown by the indicator with respect to what was seen in the first two quarters of 2022.”

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