Colombia's economy experienced a growth of 3.68% in July 2024 compared to the same month last year, according to a report published by the National Administrative Department of Statistics (DANE). This increase marks the best economic recovery in the country so far this year.
The Economic Activity Tracking Index (ISE), which is used to measure short-term economic activity, reached 124.81 points in July in its original series, translating to a notable growth from 120.38 points in July 2023. In June 2024, the indicator had shown a negative result of 1.1%.
The report details that the growth of the ISE is primarily attributed to the performance of primary activities, which include agriculture, livestock, fishing, and mining, with a growth rate of 7.45% in July. Secondary activities, encompassing industry and construction, also showed a recovery with an increase of 1.47%, while tertiary activities, which include services and commerce, grew by 3.29%.
In terms of adjustments for seasonality and calendar effects, primary activities grew by 7.14%, secondary activities increased by 2.05%, and tertiary activities rose by 3.49% compared to July 2023.
Throughout the first seven months of 2024, the ISE's growth stands at 1.89% in its original series compared to the same period last year, when an increase of 1.09% was recorded. This outlook suggests a positive trend in the country’s economic recovery.
