Colombia's GDP declined by 3.6% y/y in Q4 2020
Colombia's GDP declined in real terms by 3.6% y/y in Q4 2020, with private consumption down by 2.2% y/y, gross fixed capital formation (investment) by 17.1%, and goods and services exports and imports by 20.9% y/y and 15.6%, respectively, which led to a positive contribution from net exports. Government consumption also prevented a deeper contraction in GDP, growing by 4% y/y.
From a sectoral perspective, the biggest falls in output were for construction (27.7% y/y), mining and quarrying (19.3%) and artistic, entertainment and recreational activities (7.3%). In 2020, real GDP declined by 6.8% on a year average basis, with output in all major sectors declining apart from agriculture, finance and the public sector.
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