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Content publication date

July 19, 2011

Colombia’s GDP expanded 5.1 percent during the first quarter compared to the period from January to March in the previous year. Similarly, foreign direct investment grew by 132.5 percent over the same period in 2010

With Colombia’s consumer spending and private investments remaining strong, the country’s GDP expanded 5.1 percent in the first quarter of 2011 compared to the same period last year. Foreign direct investment grew by 132.5 percent, with FDI flows reaching USD $3.7billion.

The GDP expansion was a result of a 9.4 percent increase led by mining and quarrying, and a 7.8 percent increase in agribusiness. According to the Director of the National Administrative Department of Statistics, Jorge Bustamante, the growth in the agricultural sector was a surprise, because despite a harsher-than-normal winter, coffee boosted economic growth in this particular sector.

Additionally, the trade sector experienced an increase of 6.7 percent, in great part a result of increased household spending. The construction sector, on the other hand, decreased by 4.5 percent, primarily due to the paralysis of several major infrastructure projects in the country (though housing itself went up 4.1 percent).

Although economic analysts and the national government have estimated a 4.5 percent growth rate, the annual GDP may increase by as much as 5 percent if the Colombian economy maintains its strong upward trend. Increased consumption and private investment, new public investments, and favorable conditions abroad for exports would bolster this high growth. Full Node

Colombia’s foreign direct investment from January to March 2011 grew by 132.5 percent, the highest first-quarter surge ever in the country’s history. 
According to Minister of Trade, Industry, and Tourism Sergio Diaz-Granados, first quarter growth alone represents 55 percent of total revenues for the full year of 2010 and 52 percent of 2009’s expansion. These data, from the balance of payments published by the Bank of the Republic, are based on the growth of foreign direct investment in the oil sector (122.9 percent), but also in other sectors, which saw growth as high as 138.7 percent in some cases.
Given the country’s increasingly optimistic economic outlook, Diaz-Granados said, Colombia may achieve its goals for growth in foreign investment: USD $9.7 billion this year and USD $13 billion by the end of 2014.Download

Source: https://www.dinero.com/actualidad/economia/economia-colombiana-crecio-51-primer-trimestre_89997.aspx