NewsLatin AmericaThe Colombian economy grew 7.5% in 2022

The Colombian economy grew 7.5% in 2022

A street market in Riohacha, Colombia, on August 13, 2022.Nicolo Filippo Rosso (Bloomberg)

This Tuesday the National Administrative Department of Statistics (DANE) of Colombia revealed the official growth data for the country’s Gross Domestic Product: 7.5%. The figure, very positive in usual economic contexts, is bittersweet. Sour because the Ministry of Finance estimated growth of 8.2% and the Banco de la Republica 8.1%, so the increase was less than expected; sweet because one of the great concerns of the Government and the experts was excessive growth in 2022 that would produce stagnation in 2023, and a more moderate pace last year may mean a less dry stop this year.

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The director of DANE, Pilar Urdinola, stated at a press conference that the results are, for the second consecutive year, a sign of economic stabilization after the crisis triggered by the health crisis and limitations on mobility. The rebound is concentrated in the good performance of sectors such as commerce, which contributed 4.5 percentage points, manufacturing industries, especially in the textile line, and artistic and entertainment activities.

Urdinola, who took over as head of the statistical entity in September of last year, pointed out that growth indicators continue to be above pre-pandemic levels. The data presented indicates that the Colombian GDP advanced 1.3% in December 2022, the lowest indicator per month of the entire year. This data is an omen, in the opinion of the former co-director of the Banco de la Republica Sergio Clavijo, that the rate was already beginning to lose speed due to “the financial tension that is taken into account of the increase in the rate of the Banco de la Republica that in that month it had already reached 12.75%”.

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That means, adds the former director of the Association of Financial Institutions (ANIF), that despite the good performance “the potential of the Colombian economy still does not exceed 3%.” In other words, the potential growth rate is relatively low. And he concludes: “this is the great challenge of the Petro administration: to revitalize the GDP-investment ratio that has been stagnant in recent years below 20% when it should be at least 25%.”

News in development…



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