Colombian Economy Grew by 4% in 2012

The National Department of Statistics in Colombia (Departamento Nacional de Estadísticas, DANE) informed that the Gross Domestic Product (GDP) in 2012 reached 4%, which attests to the growth shown by the national economy in the last few years. Since 2010, the GDP has averaged 5.1%.

According to the President of PROCOLOMBIA, Maria Claudia Lacouture, this indicator places Colombia among the most dynamic and business-friendly economies in the world.

Colombia’s Gross Domestic Product in 2012 was higher than the GDP in other economies such as Mexico (3.9%), Argentina (1.9%), Brazil (0.9%), United States (2.2%), Canada (1.8%), Germany (0.7%), Japan (2%), France (-0.1%), and England (0.2%).

According to the DANE, this result is based on the growth shown by a number of sectors like trade, repairs, restaurants and hotels, transportation, storage and communications, financial agencies, insurance, real estate and company services; social, community and personal services, among other sectors.

Industry activities with a positive line of action included: beverage preparation, with a 5.8% variation; and knitting and crochet products and textile manufacture with a 6.5% variation.

As for demand, GDP growth was benefitted mainly by the increase in investment (5.7%), followed by the increase in final consumption (4.4%) and exports (5.3%).

In the case of final consumption, the most prominent increase was the consumption by the Government (5.1%); while regarding investment the main increases involved machinery and equipment (7.7%), and construction (5.6%).

In 2012, the construction sector grew by 3.6% versus 2011 as a result of the increase in the added value of public works by 2.2%, as well as the increase in building production by 5.0%.