Colombia’s economy grew an impressive 6.4% in the first quarter of 2014 compared to the same period last year, the country’s statistics agency announced on Thursday.
According to the DANE, Colombia’s state-run statistics agency, the country’s Gross Domestic Product (GDP) hasn’t grown this much since the 2011.
GDP quarterly growth on year
The growth was pushed particularly by the Colombian construction industry which recorded a 17.2% expansion compared to the first three months of last year.
Also the manufacturing industry — which came under pressure after a free trade agreement (FTA) with the United States came into force in 2012, recorded a 3.1% growth.
Quarterly growth per sector
Subsequent to the signing of the FTA, Colombia’s economic growth slowed down, but has since recovered to levels similar to before the pact.
According to the latest DANE update, the economy last year grew faster than previously announced, 4.7%.
Sources
- Anexos_oferta_constantes_sin_desestacionalizar_I_2014 (XLS / DANE)
- Press release (DANE)