By The Rio Times | Created at 2024-11-18 20:46:26 | Updated at 2024-11-22 08:38:04
3 days ago
Colombia’s economy tells a tale of two speeds in late 2024. While farmers celebrate success, factory owners face tough times. The latest Q3 figures show 2% growth, painting a picture that matters to everyone from business owners to job seekers.
Farmers stand out as the clear winners. Agriculture pushed the economy forward, delivering more than half of the total growth.
Entertainment and arts businesses also performed well, showing that Colombians continue to spend on leisure despite economic challenges. The manufacturing sector raises red flags.
Factory output dropped 4.2%, marking the second straight monthly decline. This matters because factories traditionally provide stable jobs and drive innovation. The sector has now shed workers for twelve consecutive months.
Not all news disappoints. Investment in business equipment and infrastructure grew 4%, suggesting companies still bet on Colombia‘s future. This marks the second quarter of increased business spending, hinting at growing confidence.
Colombia’s Growth Story: Agriculture Leads While Industry Struggles. (Photo Internet reproduction)For ordinary Colombians, this economic picture translates to:
- More opportunities in farming and entertainment
- Fewer factory jobs
- Possible new business ventures as investment grows
Finance Minister Ricardo Bonilla expects 2% growth for the full year. The central bank takes a slightly more cautious view at 1.9%. Both numbers suggest steady but modest progress, especially compared to regional competitors.
A September truckers’ strike slowed progress, showing how vulnerable the recovery remains. Yet the economy keeps moving forward, albeit at a pace that leaves room for improvement.
This balanced performance reveals a country adapting to new economic realities, where traditional industries struggle while other sectors find new opportunities.
For investors, workers, and business owners, understanding these shifts helps guide decisions in Colombia’s evolving marketplace.
