Colombia's Q2 2021 GDP growth rate jumped to 17.6% y/y

Colombia's Real GDP increased by 17.6% y/y in Q2 2021 following a rise of 1.1% y/y in Q1. Although the national strike and another peak in COVID-19 cases caused GDP to contract by a seasonally-adjusted 2.4% q/q, economic activity took off on an annual basis due to a low base following the huge decline that occurred last year when the pandemic spurred a lockdown and affected global trade.

Private consumption rose by 25% y/y, gross fixed capital formation (investment) by 32.05% y/y and government consumption by 9.9% y/y. As for external trade, exports of goods and services rose by 15.4% y/y but were outpaced by imports growth of 45.8% y/y.

Further data and analysis on Colombia's economy are available on the CEIC Colombia Economy in a Snapshot – Q2 2021 report.