Colombian Economy & Banking Sector Analysis
Colombian Economy
Gaining momentum
Services account for a rising share of Colombian
GDP compared with traditional strengths in
extractive industries
Colombia continues to build on its 11 free-trade
agreements with 46 countries that account for
41% of global GDP
Rising consumption, supported by public
spending, reflects an expanding middle class as
growth gains momentum and converges toward
the economy's underlying potential
13.9%
Finance, Insurance,
& Real Estate
9.1%
Other
6.6%
Natural Resources
2.9%
Information &
Communication
2.4%
Arts &
Entertainment
COLOMBIAN
GDP BY
INDUSTRY
(Q1 2020)
7.1%
Professional,
Scientific,
& Technical
Services
17.2%
Wholesale, Retail Trade,
Accommodation & Food Services
15.2%
11.6%
Manufacturing
8.0%
Mining and Oil
& Gas Extraction
6.0%
Construction
Public Administration
Top 5 Trading Partners
8
y/y % change
6
4
2
NO
-2
Contributions to Colombian GDP Growth
Other*
Investment
Consumption
Net Exports
Government
Real GDP
-4
-6
17
*Statistical discrepancy, subject to revision.
Sources: Scotiabank Economics, Haver Analytics.
18
19
United
States
Others
28%
42%
3% Brazil Mexico
20
20
Ecuador
5% 6%
China
17%
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