He National Administrative Department of Statistics (Dane) revealed that the Colombian economy grew by 7.5 percent in 2022.
This data is below the expectations of most market analysts. For example, the Ministry of Finance forecast 8.2 percent, the International Monetary Fund 8.1 percent, and the Banco de la República 8 percent.
The most successful were Anif, who expected between 7.4 and 7.9 percent, and Fedesarrollo, with 7.7 percent.
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according to Piedad UdinolaDirector of the statistical entity, this data reflects that the country is already stabilizing after the 7.3 percent drop in the year of the pandemic (2020) and the 11 percent recovery in 2021.
«We expect it to continue that adjustment towards the levels it used before the pandemic. This 7.5 percent is still above the highest levels it used before the pandemic, of 6.9 percent in 20211» , said .
In 2019 the economy grew at a rate of 3.2 percent, in 2018 its increase was 2.6 percent and in 2017 1.4 percent.
What are the sectors that moved the economy?
The most dynamic branch in 2022 was commerce, transport and accommodation, which contributed 2.1 points of growth thanks, among other things, to the good performance of the tourism after pandemic restrictions.
It was followed by the manufacturing industry, with 1.2 contribution points; and artistic and entertainment activities, with 1.2 percent. What moved the most was the reactivation of games of luck and chance and massive activities such as concerts.
In terms of growth, all branches grew except agriculture, which fell 1.9 percent.
The most important variation was artistic, entertainment and recreation activities, with an increase of 37.9 percent.
Karol G in concert in Cali
Courtesy Gus Rincon Office
It is followed by the rise of the Information and Communications branch, with 14.2 percent, commerce, transport and accommodation increased by 10.7 percent and the manufacturing industry another 9.8 percent.
“It is important to highlight the dynamism that the air Transport thanks to the reopening after the pandemic,” Urdinola said.
The growth of the rest of the branches was more moderate. For example, financial and insurance activities increased by 6.5 percent, construction by 6.4 percent, and the supply of electricity, gas, steam, and air conditioning by 4.1 percent.
Those with the lowest growth were mining and quarrying, with 0.6 percent; and real estate activities, with 2.0 percent.
Fourth Quarter 2022 Growth
Dane reviewed the growth loss for 2022. Finally, the increase in the first quarter was 7.8 percent, in the second 12.3 percent and in the third 7.8 percent. In addition, he gave the data for the fourth quarter, which was 2.9 percent.
The highest growth of the year was registered in April and May, with 11.2 and 17.1 percent. However, the levels were moderated. In October the increase was 4 percent, in November it was 2.3 percent and in December it was 1.3 percent.
The activities that grew the most in the fourth quarter were arts and entertainmentwith an increase of 7.7 percent.
However, there were several negative sectors, such as construction, which fell 2.5 percent; the manufacturing industry concluded 1.9 percent; and agriculture fell another 1.3 percent.
