Americas Wholesale and Retail Banking Overview
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
41.7% 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.
6.3%
GDP Growth 2022F:
3.8%
GDP Growth 2021F:
Sources: Bloomberg, as of August 20, 2021
14.5%
Finance, Insurance,
& Real Estate
8.9%
Other
6.6%
Natural Resources
3.4%
Arts &
Entertainment
16.0%
Wholesale, Retail Trade,
Accommodation & Food Services
3.0%
Information &
Communication
COLOMBIAN
GDP BY
INDUSTRY
(Q2-2021)
7.2%
Professional,
Scientific,
& Technical
Services
16.3%
11.9%
Manufacturing
7.3%
Mining and Oil
& Gas Extraction
4.9%
Construction
Public Administration
Contributions to Colombian GDP Growth
10
2505o
y/y % change
15
-
-5
-10
Other*
Net Exports
-15
Investment
-20
Consumption
Government
Real GDP
-25
17
18
19
*Statistical discrepancy, subject to revision.
Sources: Scotiabank Economics, Haver Analytics.
20
20
Top 5 Trading Partners*
United
States
Others
28%
40%
India
China
19%
3%
Brazil Mexico
5% 5%
* Trade data updated as of Q1-2021.
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