Digital Banking Strength and Strategic Funding
Colombian Economy
Strong underlying 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
GDP Forecast 2020:
-7.5%
GDP Forecast 2021:
+5.0%
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
Contributions to Colombian GDP Growth
8
Other*
y/y % change
Government
6
4
2
0
-2
Net Exports
Consumption
Investment
Real GDP
-4
17
18
19
20
*Statistical discrepancy, subject to revision.
Sources: Scotiabank Economics, Haver Analytics.
Top 5 Trading Partners*
United
States
Others
42%
28%
Germany
3%
China
18%
Brazil Mexico
5% 6%
* Trade data updated as of Q1-2020
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