Colombia | Q3 2020 GDP: recovery is underway

Summary

Third quarter GDP fell 9.0% YoY, although it showed a significant rebound from its second quarter level, increasing 8.7% QoQ. The impetus for the recovery came from domestic demand, while exports remain very depressed. For the whole of 2020, a drop in GDP of 7.5% is expected. 

Key points

• Key points:
• Domestic demand fell 9.5% YoY and grew 10.7% QoQ.
• Private consumption showed good dynamism, not only because of the end of the restrictive lockdown, but also because of improvements in the labor market during the quarter.
• Investment picked up thanks to the increased purchase of machinery and equipment.
• The most trade-related sectors led the recovery in the third quarter, thanks to the consolidation of their opening.
• The first two quarters were revised downward, from 1.4% to 1.2% YoY in the first quarter and from -15.7% to -15.8% YoY in the second quarter.

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