Gross domestic product growth
In the third quarter of 1999, the
Colombian economy registered a decreased in its fall started in 1998. According to
preliminary estimates by the National Planning Department (DNP), Gross Domestic Product
decreased by 4.6% from the rates showed in the same period of 1998. This decrease is
primarily due to the behavior of the construction (-19.53%), manufacturing (-12.45%),
trade, restaurants and hotels (-7.83%), finance and services (-7.581%), electricity, gas
and water (-2.77%) and the agricultural (-3.10%) sectors. Sectors that showed a positive
rate of growth were mining and quarry exploitation (3.86%) and social services, common and
personals (2.94%). Taxes registered a negative behavior as a result of the downturn in
economic activity. Duties and taxes on imports decreased by 23.91%, IVA by 11.81% and
taxes except IVA by 11.68%.
REAL GDP GROWTH BY
SECTOR %
SECTOR |
1995 |
1996 |
1997 |
1998 p |
1999 p
First Quarter |
1999 p
Second Quarter |
1999 p
Third Quarter |
AGRICULTURE and CATTLE, FISHERY, FORESTRY and HUNTING |
3.73 |
(1.24) |
0.65 |
0.60 |
0.98 |
(5.37) |
(3.10) |
MINING AND QUARRY EXPLOITATION |
14.57 |
7.29 |
3.69 |
6.66 |
12.21 |
8.42 |
3.86 |
ELECTRICITY, GAS AND WATER |
2.58 |
4.90 |
0.96 |
0.86 |
(5.55) |
(5.12) |
(2.77) |
MANUFACTURING |
5.91 |
(1.85) |
0.42 |
(0.83) |
(18.32) |
(17.28) |
(12.45) |
CONSTRUCTION |
1.90 |
(12.94) |
2.18 |
(11.98) |
(19.65) |
(27.54) |
(19.53) |
TRADE, REPAIRS, RESTAURANTS AND HOTELS |
3.37 |
(0.32) |
1.80 |
0.46 |
(9.04) |
(10.72) |
(7.83) |
TRANSPORT, STORAGE
AND COMMUNICATION |
6.51 |
3.83 |
5.82 |
3.47 |
(3.79) |
(3.73) |
(1.55) |
FINANCIAL, INSURANCE, REAL STATE AND SERVICE INSTITUTIONS |
8.63 |
5.17 |
4.92 |
(2.56) |
(7.78) |
(7.88) |
(7.58) |
SOCIAL SERVICES, COMMON AND PERSONALS |
8.96 |
16.18 |
7.19 |
1.68 |
1.59 |
2.80 |
2.94 |
Minus: Imputed banking services |
26.00 |
16.74 |
2.72 |
(14.81) |
(24.02) |
(20.84) |
(25.68) |
Value added subtotal |
5.20 |
2.15 |
3.47 |
0.67 |
(4.84) |
(6.32) |
(3.82) |
Plus taxes except IVA |
1.41 |
3.16 |
(4.28) |
(1.23) |
(8.42) |
(13.77) |
(11.68) |
Minus : Subventions |
(0.87) |
8.00 |
9.14 |
5.03 |
1.45 |
(2.36) |
(0.49) |
Plus non deducible IVA |
5.26 |
(0.04) |
5.84 |
(2.57) |
(16.38) |
(17.47) |
(11.81) |
Plus: Duties and taxes on imports |
12.06 |
0.90 |
10.60 |
0.86 |
(25.69) |
(25.73) |
(23.91) |
GROSS DOMESTIC PRODUCT |
5.20 |
2.06 |
3.43 |
0.48 |
(5.73) |
(7.25) |
(4.61) |
|
p : Provisional.
Source: National Administrative Department of Statistics(DANE). |
