Colombian growth not as strong as it seems

Second quarter GDP data from Colombia are not as strong as they seem at first sight. Almost all of the pick-up in growth to 1.6% q/q was driven by a sharp rise in construction output, which tends to be fairly volatile component of GDP. Indeed, we estimate that without the boost from construction the economy would have expanded by just 0.6% q/q, or 2.4% annualised.

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