Colombia's GDP increased in Q1 2021 for the first time in a year

Prior to the civil unrest and the third wave of COVID-19, Colombia's real GDP increased in Q1 2021 by an unadjusted 1.1% y/y following three-quarters of decline, according to DANE (the national statistical office).

Prior to the civil unrest and a third wave of COVID-19, Colombia's real GDP increased in Q1 2021 by an unadjusted 1.1% y/y following three quarters of decline

Private consumption rose by 1% y/y and government consumption by 4.6% y/y, while gross fixed capital formation (i.e. investment spending) declined for a sixth consecutive quarter, but at the slower pace of 1.6% y/y. The decline in the volume of goods and services exports also slowed, although it remained high at 8.3% y/y, with imports volume contracting by 3.9% y/y.

On a quarterly basis, real GDP grew by 2.9% q/q, seasonally adjusted.

Sign in for further data and analysis on Colombia’s economy on the CEIC Colombia's Economy in a Snapshot – Q1 2021 report.