Despite instability associated with the global mining and hydrocarbons sectors, Colombia displays stable economic growth amidst a regional slowdown, in large part a result of economic liberalisation, free trade agreements and entry to a variety of trade blocs. After recording 6.6% growth in 2011 and 4% in 2012, Colombia saw a slowdown in the first half of 2013, but the economy regained momentum by the end of the year.
Indeed, the sound performance of the construction sector, strong investment in public works, restored consumer confidence and a recovery in the hydrocarbons industry enabled Colombia’s economy to regain dynamism and end 2013 with growth of 4.7%. Attracting a record $16.36bn in foreign direct investment in 2013, an 8.2% rise on the previous year, the Andean economy assured its spot among the region’s top investment targets.
As in previous years, hydrocarbons attracted the lion’s share of FDI to the country, accounting for 81.6% of the total. While GDP grew by just 2.9% in the first quarter of 2014, the central bank forecasts growth of 4.3% for the year.
With the possibility of a peace deal with the Revolutionary Armed Forces of Colombia (FARC), the next few years could see economic performance enhanced by improved agricultural and energy outputs, as well as increased FDI inflows.
Peace and prosperity: OBG talks to President Juan Manuel Santos Calderón
OBG talks to Maria Ángela Holguín, Minister of Foreign Affairs
OBG talks to Luis Carlos Sarmiento Gutiérrez, CEO, Grupo Aval
OBG talks to Javier Gutiérrez, President, Ecopetrol
Smoothing the path: OBG talks to Eleuberto Antonio Martorelli, President, Odebrecht Colombia
OBG talks to Juan Camilo Quintero, Executive Director, Ruta N
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