Colombian Economy Grew by 4.6% in 2014

According to the National Administrative Department of Statistics (Departamento Administrativo Nacional de Estadistica, DANE), economic growth accelerated in 2014 compared to 2013, with an improvement of 4.3%. The GDP in 2014 was slightly under the expected growth.

According to Mauricio Perfetti, Director of DANE, 8 sectors showed growth and 4 more were above 4.6%, with the construction industry coming ahead with an increase of 9.9%, followed by services, financial, real-estate, and trade sectors.

The executive acknowledged that the great performance by the construction industry in 2014 is mainly due to a growth of 7.4% in building construction and 12% in civil works.

International Monetary Fund (IMF) estimations indicate that the Latin American economy increased by 1.2% in 2014, where Colombia stood out with a 4.6% variation.

GDP totals are the end result of productive activity from local production units. These calculations result from the added value perspective, the end demand, or the end use for goods and services, as well as the primary income distributed by local production units.