Colombia’s Economy Grew by 5.8% in January Despite Slowdown, Says DANE Report

The Colombian National Administrative Department of Statistics (DANE) reported on Friday that the country’s economy expanded by 5.8% in January, though slower than the 7.79% growth in the same month last year. The Gross Domestic Product (GDP) grew by 2.57% compared to December, which is usually a month of higher consumption.

DANE’s report revealed that the growth was primarily driven by a 7.46% surge in associated services, with financial and insurance activities leading the way with an increase of over 64%. Last year, Colombia’s economy grew at the fastest pace in more than a century, driven by rebounding consumer demand and soaring prices for products such as oil, coal, and coffee, after easing pandemic restrictions.

Read more Breaking News