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The Colombian economy continues to show signs of recovery amid the pandemic. This is evidenced by the data of the gross domestic product (GDP) for the third quarter of 2020 that the National Administrative Department of Statistics (Dane) has just released of -9 percent per year, which, although still negative, is 6.57 percentage points lower than the -15.7 percent in the second quarter of the year.
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For the year until September, the growth of the economy marked a contraction of -8.1 percent, indicated the statistical entity of the country.
According to Juan Daniel Oviedo, director of (Dane), three production activities had positive growth in the third quarter of 2020. They were agriculture, financial services and insurance, which had an annual growth of 1.5 percent per year, while real estate activities did so by 1.8 percent.
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At the other extreme, activities as construction they registered an annual contraction to September of 26.2 percent, trade, transport, accommodation and food services, of 20.1 percent, while the exploitation of mines and quarries registered a negative annual growth of 19.1 percent.
The lower contraction of the Colombian economy registered in the third quarter of the year, according to market analysts, indicate that the worst of the crisis generated by the covid-19 pandemic would be left behind.
The economic activity that most contributed to the fall of the Colombian economy in the third quarter of this year was Wholesale and retail trade; repair of motor vehicles and motorcycles; Transportation and storage; Accommodation and food services, with -3.9 percentage points to the annual variation of the added value, indicated the Dane.
He added that, compared to the immediately previous quarter, the GDP in its series
adjusted for seasonal and calendar effects, it grew 8.7 percent, which is explained by the dynamics of 23.4 percent in Manufacturing Industries; 22.3 percent of Wholesale and retail trade; repair of motor vehicles and motorcycles; Transportation and storage; Accommodation and food services; 12.3 percent of artistic, entertainment and recreation activities and other service activities.
The Dane also reported that it made adjustments to growth data for the economy’s first two quarters. Thus, the GDP of the first quarter, in its original series, goes from 1.4 to 1.2 percent, mainly due to the updates of activities such as Agriculture, livestock, hunting, forestry and fishing and Transport and storage.
For its part, that of the second quarter changed from -15.7 to -15.8 percent, a variation explained by the Construction updates; and Professional, scientific and technical activities; and administrative and support service activities.
By: Economy and Business
