In a significant development for Colombia, the economy saw a strong growth of 3.68% in July, driven primarily by the agricultural sector and services industry. The National Administrative Department of Statistics (DANE) released these figures, highlighting a positive trend in recent months.
Finance Minister Ricardo Bonilla expressed optimism about the ongoing economic recovery, with the Central Bank projecting a 1.8% growth for the year. The primary sector, including agriculture and mining, saw a remarkable 7.5% increase, while services and public administration also contributed significantly.
Chief economist Jackeline Piraján credited favorable weather conditions for boosting agriculture, leading to improved exports. The construction and manufacturing sector reversed its negative trend, growing by 1.5% after recent policy changes.
Economic Outlook and Forecast
With a year-to-date growth of 1.9% from January to July, experts anticipate a 2% growth by year-end, with further improvement expected in 2025. Analysts project better economic dynamics next year, with growth estimates around 3%.
The positive trend may allow the Central Bank to consider interest rate cuts, although challenges persist in the commerce sector. Despite some uncertainty, the overall economic landscape looks promising, setting the stage for continued growth and development.
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