Note

May 15, 21 - 12:44 pm - LABS

Amid a strong social upheaval, Colombia’s economy grows again

Colombia‘s economy began to grow, as released by the country’s national statistics department, Dane, on Friday. The country’s Gross Domestic Product (GDP) grew 1.1% in the first three months, which contrasts with the worst moments of the pandemic when the economy contracted 15.7% in the second quarter of 2020 and 8.6% in the third quarter. However, the slow vaccination pace against COVID-19 and the social upheaval that exploded at the end of April make this recovery fragile.

Juan Daniel Oviedo, director of Dane, told Portafolio that this light economic resumption was explained by a significant boost from the manufacturing industry, public administration, defense, health, education, and agriculture, sectors that contributed 1.6 percentage points to the performance of GDP during the first trimester.

One of the factors that determined the best performance of most economic activities is that there were no major restrictions during February and March, months in which the GDP performed well.

Now, things are changing. Simultaneously, the country faces a second wave of COVID-19 infections e a social turmoil, with protests happening almost daily since April 28th.