Colombia’s economy experienced annual growth of 0.65% in May, as reported by the National Administrative Department of Statistics (DANE) based on data from the Economic Tracking Indicator (ESI).
The ESI for primary, secondary, and tertiary activities showed improvements over May 2022, registering 1.26%, 0.58%, and 0.56%, respectively.
For the period from January to May 2023, the ESI documented a 1.68% growth compared to the same period in the prior year.
Despite a decrease in April, marking the first drop in at least two years, the May 2023 ESI reached 121.41 in its seasonally and calendar adjusted series, a 0.56% rise from May 2022.
Various financial institutions, including the International Monetary Fund, BBVA Research, and Bancolombia, project Colombia’s GDP growth for 2023 to be between 1% and 1.2%.
Bancolombia has, however, lowered its 2024 growth forecast from 1.5% to 0.9% due to the potential for longer-than-anticipated restrictive monetary policy.
The positive economic projections for 2023 are supported by robust GDP growth in Q1, though potential challenges remain in sectors such as construction, commerce, transportation, and manufacturing.
On the other hand, sectors like entertainment, finance, insurance, and mining are expected to see high growth rates.
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