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Colombian Economy Slows Down In November Despite Growth
(MENAFN- The Rio Times) The Colombian Department of Statistics (DANE) released the Economic Monitoring Indicator (ISE) for November 2024. The report shows a 0.36% growth in economic activity compared to the same month last year.
This figure represents a significant decline from October's 2.9% growth rate. It marks the lowest growth since June 2024, when the economy contracted by 1.26%. Primary sector activities, including agriculture, livestock, hunting, forestry, fishing, and mining, decreased by 1.70%.
The secondary sector, comprising manufacturing and construction, also experienced a 2.63% decline. Only the tertiary sector, which includes various services, showed growth at 1.40%.
Within the tertiary sector, public administration, defense, social security, education, healthcare, and arts and entertainment saw the highest growth at 12.6%.
Wholesale and retail trade, vehicle repair, transportation, accommodation, and food services grew by 8.9%. Professional, scientific, technical, administrative, and support services increased by 8.8%.
However, electricity, gas, water supply, and waste management services in the tertiary sector declined by 2.8%. November's growth rate is the lowest of 2024, excluding March and June, which saw contractions of 1.68% and 1.26% respectively.
The Colombian economy's slowdown raises concerns about its resilience in the face of global economic challenges. Policymakers may need to consider measures to stimulate growth across all sectors.
The contrasting performance of different economic activities highlights the need for targeted strategies to support struggling industries while maintaining momentum in growing sectors.
This figure represents a significant decline from October's 2.9% growth rate. It marks the lowest growth since June 2024, when the economy contracted by 1.26%. Primary sector activities, including agriculture, livestock, hunting, forestry, fishing, and mining, decreased by 1.70%.
The secondary sector, comprising manufacturing and construction, also experienced a 2.63% decline. Only the tertiary sector, which includes various services, showed growth at 1.40%.
Within the tertiary sector, public administration, defense, social security, education, healthcare, and arts and entertainment saw the highest growth at 12.6%.
Wholesale and retail trade, vehicle repair, transportation, accommodation, and food services grew by 8.9%. Professional, scientific, technical, administrative, and support services increased by 8.8%.
However, electricity, gas, water supply, and waste management services in the tertiary sector declined by 2.8%. November's growth rate is the lowest of 2024, excluding March and June, which saw contractions of 1.68% and 1.26% respectively.
The Colombian economy's slowdown raises concerns about its resilience in the face of global economic challenges. Policymakers may need to consider measures to stimulate growth across all sectors.
The contrasting performance of different economic activities highlights the need for targeted strategies to support struggling industries while maintaining momentum in growing sectors.
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