Colombia’s economy reported 2.1% growth in the second quarter of 2024, as confirmed by the National Administrative Department of Statistics (DANE).
Analysts had anticipated this rise, especially noting significant growth in the arts by 11.1% and agriculture by 10.2%.
Public administration also showed robust expansion, increasing by 4.8%, and ranked as the third most influential sector.
Conversely, mining and quarrying faced a downturn, declining by 3.3%. Similarly, the information and communications sector fell by 1.9%, and the manufacturing industry saw a 1.6% decrease.
Moreover, both the residential and non-residential construction sectors declined by 2.8%, marking a year of consecutive quarterly declines.
Upon the release of these growth figures, President Gustavo Petro praised the agricultural sector’s performance. He attributed this success to the effective implementation of mandated investments.
He pointed out the nearly 11% annual growth in agriculture, contrasting it with the significant decline in coal production, which he had discussed during his campaign.
In the first half of the year, the overall economy grew by 1.5%, consistent with the growth rate from the previous year.
The sectors that exhibited the most growth were the arts at 9.5%, agriculture at 8%, public administration at 5.1%, and public utility services at 3.7%.
President Petro credited the economic rebound to reductions in real interest rates and bolstered activities in agriculture, health, and education.
These developments highlight the varying trajectories within Colombia’s economic sectors. They illustrate both the burgeoning areas and those requiring more focused recovery efforts.
More: Colombia news in English, every day from The Rio Times.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
In depth
Read More from The Rio Times