Colombia economy grew 2.0% year-on-year in third quarter

Colombia’s economy grew 2.0% year-on-year in the third quarter, the government’s DANE statistics agency said.

The result came in below market expectations of 2.3% in a Reuters poll last week and the central bank technical team’s 2.4% forecast.

The economy grew by 0.2% from the second quarter, DANE added.

The year-on-year expansion was driven by entertainment, which grew 14.1%, agriculture, which grew 10.7%, and finance, which expanded 4.4%, DANE director Piedad Urdinola told a press conference.

The mining sector contracted by 7.1%, while manufacturing shrank 1.3%, DANE said.

Private investment in the third quarter was up 22.7% year-on-year, DANE said.

For the first nine months of 2024, economic output was up 1.6% year-on-year.

Inflation stood at 5.41% in October, well above the central bank’s 3% target. Since last December, it has cut its benchmark interest rate by 325 basis points to 9.75%.