Colombian economy increased by 3.0% in the first quarter of 2023, as reported by the Department of National Statistics (Den), a figure that, although positive, reinforces the recessionary trend that the country has been presenting since the last months of last year.
According to DEN director Piedad Urdinola, the indicator showed a performance of 1.4% in quarterly terms.
GDP behavior
As reported by DEN director Piedad Urdinola, in the first three months of the year, and compared to the same period in 2022, Three sectors contributed more the activities were financial and insurance; artistic activities and entertainment and public administration and defense, which together contributed 2.0 percentage points for a variation of 3%.
These categories are the ones with the largest increase in the first quarter figures, as the financial sector, which increased by 22.8%, represented the largest variation of all categories, and artistic activities represented a variation of 18.7%.
“All lines of economic activity have shown positive growth except construction, which is the only one that has decreased, and this is explained by the decline in civil works in particular, we see that other lines are still dynamic“, Urdinola explained. The construction sector fell by 3.1%.
The growth rate in public administration, defence, education and health was 10%; The exploitation of mines and quarries registered an expansion of 3.6%. while 2.3% in professional, scientific and technical activities, 1.9% in real estate activities, and Business grew only 0.5%,
With regard to information and communications, the annual growth rate for the quarter was 3.2%, while the manufacturing industry grew by 0.7%; The supply of gas, electricity and aqueducts also registered a 1.4% increase in value added, and agriculture showed a figure of 0.3%.
Dan also reported review in historical data of GDP, and as pointed out by Urdinola, the year’s growth 2022 would have been 7.3%Instead of the 7.5% figure reported in previous months.
According to the director of DEN, this reform concerns the public administration sector, following the presentation of the financial closing data, the final figures of which became known after the preliminary distribution of the results of the development of the economy.
