Colombia Suffered a Low Growth 2024 as Energy Sector Lagged

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Colombia Suffered a Low Growth 2024 as Energy Sector Lagged

^{Published on 2025-02-18 07:40:57 - bnnbloomberg}

Colombia suffered another year of weak economic growth as the oil, gas and coal sectors contracted while tight monetary policy held back manufacturing.

In 2024, Colombia experienced a subdued economic growth rate, largely due to underperformance in its energy sector. The country's GDP growth was only 0.6%, significantly lower than the previous year's 7.3%, influenced by a decline in oil and coal production. This downturn was exacerbated by global energy market volatility, reduced investments in exploration, and operational challenges within the sector. Additionally, the broader economic landscape was affected by high inflation rates, which peaked at 13.12% in February 2024, and a restrictive monetary policy aimed at curbing inflation, which in turn dampened consumer spending and business investments. Despite these challenges, sectors like agriculture and manufacturing showed some resilience, although not enough to offset the energy sector's lag.

Read the Full bnnbloomberg Article at:
[ https://www.bnnbloomberg.ca/business/international/2025/02/17/colombia-suffered-a-low-growth-2024-as-energy-sector-lagged/ ]

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