The Colombian economy grew 7.5% in 2022, and as reported this week by Dane, when looking at GDP from the focus on spending, it was again final consumption that boosted the figures, apAlthough it showed less dynamics in relation to 2021.
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The figures from the statistical authority showed that last year the final internal demand expanded 10%, while in 2021 the increase was 13.4%. by the side of final consumption spending growth was 8% in 2022, compared to 13.6% in 2021. This component of spending contributed 7 percentage points to the annual variation of GDP.
There, although there was a 9.5% growth in household consumption spending, it was lower than the 14.5% it experienced in 2021; on the side of government final consumption spending, the difference was wider, with a rate of 1.4% compared to a figure of 9.8% in 2021.
The director of Dane, Piedad Urdinola, highlighted the figure in gross capital formation, or investment, which it grew 19.5% in 2022, above the figure of 12.6% in 2021. In the case of gross fixed capital formation (investment in machinery) a behavior of 11.8% was evidenced. In 2021 this grew 17.3%.
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On the export side, the increase was 14.9%, one percentage point less than that of 2021, and imports grew 23.9%, below the rate of 26.7% of the previous year.
From the Anif economic studies center, it was highlighted that the main protagonist of growth was private consumption, which with 9.5% constituted the aggregate with the greatest contribution to growth. “Lhe preference for leisure services throughout the year by households kept this item at the forefrontAnif said.
However, they were also clear signs of slowdown, as indicated by Mauricio Hernández, senior economist at BBVA Research for Colombia.
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“Domestic demand fell in quarter-on-quarter terms at the end of the year, explained by lower private consumption and the sharp deterioration in public consumption; exports of goods fell in the last quarter, reflecting the slowdown in the global economy; and there was an unusual accumulation of inventories at the end of the year, which is related to cycles of economic moderation“, said.
LAURA LUCIA BECERRA ELEJALDE
Portfolio Journalist
