Colombia’s GDP grows marginally in Q2 2023, despite contraction in five sectors

According to DANE, Colombia’s GDP experienced a 0.3% growth in the second quarter compared to the same time frame the previous year, even though five economic sectors recorded a contraction.

Public administration and defense, along with mandatory social security plans, education, human health care activities, and social services grew by 4.5%, contributing 0.7 percentage points to the annual variation.

Additionally, the arts, entertainment, and recreation sector, combined with activities from individual households as employers or producers of goods and services for their own use, witnessed a growth of 12.2%, adding 0.5 percentage points to the yearly change.

Mining and quarrying also saw a rise of 3.8%, providing a 0.2 percentage point boost to the annual shift.

For the first half of 2023, compared to the same period the year before, Colombia’s overall GDP registered a 1.7% growth.

Artistic and recreational activities and contributions from individual households in various capacities grew by 15.5%, accounting for a 0.6 percentage point annual change.

The financial and insurance activities sector expanded by 12.7%, contributing another 0.6 percentage points to the yearly growth.

Meanwhile, sectors including public administration, mandatory social security plans, education, and health and social care grew by 3.2%, impacting the annual change by 0.5 percentage points.