Colombian economy grew 4.4% in 1st quarter

The Colombian economy grew 4.4% in the first quarter of 2010 compared to the same period a year earlier, according to figures released by national statistics agency DANE, based on a new method of measuring GDP.

Using the same technique, economic growth for last year was 0.8%, and for 2007 was 2.7%.

Construction was the fastest growing sector with a 15.9% increase, followed by mining and quarrying with 13.2%.

Electricity, gas, and water grew by 6.5%, while social services increased by 4.1% and manufacturing 3.9%.

Last week the government revised the economy’s growth target for 2010 to between 2.5% – 3%, which is close to the estimate given by the World Bank of 2.8%, and well below the South American average growth target of 4.7%.