Monday , November 29 2021

Colombian economy growth in the third quarter of 2020 – Sectors – Economy



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The Colombian economy continues to show signs of recovery amid the pandemic. This can be seen in the fact that the data on the gross domestic product (GDP) for the third quarter of 2020 have just been released by the National Statistics Department (Denmark) at -9% per year this, while still negative, is 6.57 percentage points lower than -15.7 per cent in the second quarter of the year.

(Also read: The Colombian economy continues to show signs of recovery)

Until September of the year, economic growth contracted by -8.1 percent, indicated the statistical entity of the country.

According to director Juan Daniel Oviedo (Denmark), three production activities have seen positive growth in the third quarter of 2020. They were agriculture, financial services and insurance, it grew by 1.5 percent year-on-year, and real estate activity by 1.8 percent.

(Also read: Steps and what you can buy on the day without VAT on November 21)

At the other extreme, activities construction recorded an annual contraction of 26.2 percent in September, trade, transport, accommodation and food services accounted for 20.1%, and mining and quarrying saw a negative annual increase of 19.1%.

According to market analysts, the small contraction of the Colombian economy was recorded in the third quarter of the year. stated that the worst of the crisis caused by the kobid-19 pandemic would be left behind.

The economic activity that has contributed most to the fall of the Colombian economy in the third quarter of this year has been wholesale and retail trade; repair of motor vehicles and motorcycles; Transportation and storage; Accommodation and food services accounted for -3.9 percentage points of the annual change in value added, the Danes said.

Immediately compared to the previous quarter, it added to its series GDP
adapted to seasonal and calendar effects, it grew by 8.7 per cent, which is explained by the dynamics of the Manufacturing Industries of 23.4%; 22.3% of wholesale and retail trade; repair of motor vehicles and motorcycles; Transportation and storage; Accommodation and food services; 12.3% of arts, entertainment and leisure activities and other service activities.

The Dane reported adjustments to growth data for the first two quarters of the economy. Thus, the GDP in the first quarter, in the original department, goes from 1.4 percent to 1.2 percent, mainly due to the update of activities such as Agriculture, Livestock, Hunting, Forestry and Fishing and Transport and Storage.

For its part, it changed from -15.7 percent to -15.8 percent in the second quarter, a change explained by Construction Updates; and Professional, scientific and technical activities; and administrative and support service activities.

Author: Economics and Business

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