Scotiabank Pacific Alliance Expansion
Colombian Economy
Strong underlying momentum
•
The 'new normal' re-opening scheme has led to
reactivation of 95% of the economy
Colombia continues to build on its 12 free-trade
agreements with 46 countries that account for
41.1% of global GDP
Services and consumption, reflecting an
expanding middle class, account for rising
shares of Colombian GDP compared with
traditional strengths in extractive industries
GDP Growth 2021F:
5.0%
GDP Growth 2022F:
4.0%
14.2%
Finance, Insurance,
& Real Estate
9.5%
Other
6.5%
Natural Resources
2.8%
Information &
Communication
2.9%
Arts &
Entertainment
COLOMBIAN
GDP BY
INDUSTRY
(Q1 2021)
7.0%
Professional,
Scientific,
& Technical
Services
16.8%
Wholesale, Retail Trade,
Accommodation & Food Services
15.4%
12.3%
Manufacturing
7.1%
Mining and Oil
& Gas Extraction
5.4%
Construction
Public Administration
Top 5 Trading Partners*
Contributions to Colombian GDP Growth
8
y/y % change
3
-2
-7
Other*
-12
Government
Net Exports
Consumption
Investment
Real GDP
-17
-22
17
18
*Statistical discrepancy, subject to revision.
Sources: Scotiabank Economics, Haver Analytics.
19
20
20
United
States
Others
28%
42%
China
India
3%
17%
Brazil Mexico
5% 5%
* Trade data updated as of Q4-2020
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