In April 2024, the Colombian economy registered a notable growth of 5.5%, according to the recent report from the National Administrative Department of Statistics (Dane). This increase is mainly attributed to the dynamism of the agricultural and mining sectors.
After two years of uncertainty caused by the ambitious reindustrialization and decarbonization plan defined in the progressive government program of Gustavo Petro, the Colombian economy has begun to show signs of recovery. This approach aims to move away from the extractivist model, which has historically dominated, in favor of an economy based on sustainable productivity. The change has had a significant impact on the oil sector, the most important in the country, causing a temporary decline in the economy and exports. However, recent results suggest a positive recovery and adaptation towards a more diversified and sustainable economy.
Dane’s director, Piedad Urdinola, highlighted that the activities of agriculture, livestock, hunting, forestry, and fishing, along with the exploitation of mines and quarries, were the main drivers of growth, recording an increase of 10.24% compared to April 2023. This recovery is especially significant after the -1.5% decrease registered in March due to Easter.
Additionally, secondary activities, including manufacturing and construction, also showed positive performance, with a growth of 2.85%. Tertiary activities, such as the supply of electricity, gas, and water, commerce, and transportation, showed an increase of 5.09% in their original series.
The Economic Monitoring Index (ISE) adjusted for seasonal and calendar effects stood at 123.10, an increase of 1.98% compared to March 2024.
This performance of the agricultural, food, and manufacturing industries indicates the impact of the economic and industrial reactivation policies announced by the current government. However, these policies must still demonstrate their effectiveness in the short and medium term to create an environment of confidence in the industrial sectors and thus attract more investment.
