Colombia | Signs of gradual recovery in growth in the second quarter

Summary

Colombia's GDP grew 2.1% year-on-year in Q2 2024, exceeding the 0.8% growth in Q1. Domestic demand and investment showed signs of recovery, with household consumption up 1.5% and investment up 4.3%. A 1.8% growth is expected for 2024.

Key points

• Key points:
• GDP grew 2.1% year-on-year in Q2 2024, with domestic demand increasing by 1.6%.
• Household consumption grew 1.5%, with recovery in durable and non-durable goods
• Investment grew 4.3%, reversing the negative trend observed since 2023.
• Service exports grew 16.6%, maintaining its growth rate above pre-pandemic levels.
• BBVA Research expects 1.8% GDP growth for Colombia in 2024, with gradual recovery in the second half of the year.

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