Colombia’s 2024 Growth: Agriculture Rises, Industry Stumbles

Colombia’s economy grows 1.7% in 2024, a step up from 0.6% in 2023, the National Statistics Department (DANE) reports on February 17, 2025.

Agriculture drives this recovery, adding 0.8 points with an 8.1% surge, while manufacturing and mining falter. This modest gain, the fifth-lowest this century, hints at reactivation amid lingering challenges.

Agriculture thrives, fueled by a 22.5% rise in coffee production, peaking at 33.1% in Q4, DANE Director Piedad Urdinola notes. Livestock grows 5.6%, boosting the sector to 44.4% of GDP growth, thanks to high coffee prices and output recovery.

Meanwhile, public administration expands 4.2%, adding 0.7 points, with health and education gains tied to government funding. The arts and entertainment sector jumps 8.1%, driven by concerts and betting during Copa América, though it slows to 5.2% in Q4.

However, manufacturing drops 2.1%, marking two years of losses, and mining shrinks 5.2%, hit by halted hydrocarbon work. These declines cut GDP by 0.2 and 0.3 points, respectively.

Consumption rises 1.2%, with a 2% Q4 boost in furniture and transport spending, while investment rebounds 7.6%, led by 14.1% growth in machinery. The economy peaks at 2.3% growth in Q4, reaching $457.4 trillion, the highest in 11 quarters.

Yet, 1.7% falls below the 3.3% historical average, analysts say. Commerce recovers to 1.4% growth, but hospitality lags at -3.8%, Fenalco’s Jaime Cabal observes.

Real estate holds steady at 1.9%, utilities rise 1.9%, and construction grows 1.9%, though housing dips 2.5%. Finance barely moves at 0.8%, and professional services stagnate at 0.1%.

Information and communications fall 0.8%, worrying ANDI’s Bruce Mac Master, who also flags mining’s woes. Former Minister Andrés Valencia credits agriculture’s success to global prices, but analysts caution that growth remains weak. The government eyes 3% in 2025, banking on 3% inflation.

This story reveals an economy leaning on coffee and public spending, yet shackled by industrial and mining slumps. Colombia edges forward, but structural fixes loom large for businesses watching closely.