Once again we have good news for the Colombian people, according to DANE (National Department of Statistics), it concludes that the Colombian economy grew by 16.5% in May. Manufactures are the strongest in the growth of the economy of our country Colombia.
When reviewing the history of recent years, this is the highest that has been reached since April 2021, when the indicator decreased a growth of 25.1%. If we compare with the consolidated benchmark before the pandemic (February 2020), the value added of the Colombian economy is now 11.7 percentage points higher.
Can unemployment be ended?
“That is where the most important challenge of the employment reactivation strategy lies, because we are going to have to identify complementary sources of growth so that they allow us to close the gap that we see in this scenario. That is the biggest challenge left by this growth result”, explained the director of DANE, Juan Daniel Oviedo.
The main economic activities that drove the rise in this indicator were trade, transportation and storage, accommodation and food services, which contributed 5 percentage points. To these the following manufacturing industries (4 percentage points) and public administration and defense, education and human health (1.9 percentage points).
Tertiary activities
The DANE also specified that the interannual growth of tertiary activities was 14.8%, while its monthly variation was 0.6% (the second lowest figure so far this year, after that consolidated in January when it fell 1.8 percentage points.
Secondary activities
Secondary activities (including manufacturing and construction) contributed 4.5 percentage points to this growth, enjoying a representation of 17.4% in the national economy. Its interannual variation is evident, since it was 33.1%, while its monthly variation was -29% (the lowest of the year).
Primary activities
To finalize this analysis we have the primary activities (agriculture and exploitation of mines and quarries), where a contribution of 0.9 percentage points and a market share of 12.8% are registered.
