The moderation in July was explained by a 1.7% annual decrease in primary activitieswhich cover agriculture, livestock, hunting, forestry and fishing, as well as mining and quarrying, which includes the oil sector.
Secondary activities – made up of manufacturing industries and construction – grew 7.1% in the seventh, DANE said in a statement.
Meanwhile, tertiary activities – which include power, gas and water generation, as well as commerce, transportation, storage, accommodation and food services – rose 7.6%.
In monthly terms, Colombia, fourth economy of Latin Americarecorded a contraction of 0.3% compared to June, when it grew by 0.2%.
The Treasury last week revised upwards the growth projection for the Colombian economy for this year to 7.7%, from a previous 6.5%, favored by dynamic domestic consumption.
However, the agency reduced its forecast of expansion of the Gross Domestic Product (GDP) for 2023 to 1.8%, from a previous one of 2.2%, due to expectations of a deceleration higher than expected worldwide, as well as the effect of the strong increases in interest rates to try to contain inflation.
Source: Ambito
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