Bogotá’s Economy Grows 2.3% Driven by Trade and Arts

Bogotá’s economy grew by 2.3% in the third quarter of 2024, a notable increase compared to the same period last year. This growth reflects a resilient market, primarily driven by wholesale and retail trade, artistic activities, and construction.

Key sectors contributed significantly to this growth. Artistic, entertainment and recreational activities played a vital role, alongside individual households that reported a striking 13.8% increase in their economic contributions.

This surge accounted for 0.9 percentage points of the annual GDP variation, underscoring the importance of self-employment and personal production.

Wholesale and retail trade, vehicle repair services, transportation, storage, accommodation, and food services also showed solid performance with a 2.0% growth.

These sectors added 0.5 percentage points to the annual variation and highlighted their essential role in maintaining the flow of goods and services while generating employment opportunities.

Additionally, financial and insurance activities recorded a 4.0% increase, contributing another 0.4 percentage points to the annual variation. This sector remains crucial for enhancing economic stability and providing necessary financial services to businesses and consumers alike.

For the year 2024 overall, Bogotá‘s GDP increased by 1.6% compared to the previous year. Various economic activities drove this growth.

Public administration, defense, mandatory social security plans, education, and healthcare services experienced a 3.8% rise, contributing 0.6 percentage points to the annual variation.

Artistic and recreational activities continued their upward trend with an 8.9% growth alongside other service sectors. Individual households functioning as employers also contributed significantly, adding another 0.6 percentage points to the overall GDP variation.

The construction sector excelled with a remarkable 12.9% increase, contributing an additional 0.4 percentage points.