[Economics] Colombia | 2021

[Mr.Jhorjan]

 

Link:https://www.bbvaresearch.com/publicaciones/colombia-al-cierre-de-2021-el-crecimiento-economico-arrojo-una-dinamica-sobresaliente/#:~:text=1 marzo 2022-,Colombia | Al cierre de 2021%2C el crecimiento económico arrojó una,principalmente por el consumo final.

 

 

outstanding dynamics
In 2021, GDP grew 10.6% compared to 2020 and 2.8% when compared to 2019, driven mainly by final consumption. Fixed investment, although it expanded above GDP, has not yet managed to recover its pre-pandemic levels. We maintain our growth forecast for 2022 at 4.0%.

Key points
In the fourth quarter, the economy grew 10.8% annually. In addition, the expansion compared to the third quarter of 2021 was 4.3% quarter-on-quarter.
In the full year 2021, household consumption increased 14.6% year-on-year, in real terms, and stood at 113% of the pre-covid level at the end of the year. On the contrary, fixed investment, at the end of 2021, was 12% below pre-covid levels.
The high household spending was explained by: the higher income generated by the recovery of employment during 2021, the savings generated in 2020 and spent in 2021, the lower savings generated in 2021 and the progressive acceleration of consumer credit .
In 2022, final consumption will slow down, both in its private component (households) and in that explained by government spending. On the contrary, investment in construction, especially civil works, and exports will continue to accelerate.
Regarding the growth forecast for 2022, there are two biases that seem, for now, to offset each other: a better start than expected from the economic data and higher inflation rates and interest rates that could affect growth in the second part of the year. anus.