Published On: Tue, Jul 22nd, 2014

Colombian economy grows 6.4 percent, follows China as fastest growing country

colombian_flagBOGOTA, MIAMI - In the first quarter of 2014, Colombia’s economy grew 6.4 percent in relation to the same period last year, the government’s statistics agency, DANE, announced. Colombia’s significant growth makes it the fastest-growing economy in Latin America and the second-fastest growing economy in the world after China, according to The Economist.

This is the biggest economic growth Colombia has seen in the last six years, DANE said.

Growth in the past year has been mainly driven by giants in the sectors of construction (17.2%), services (6.3%) and agriculture (6.1%). “These numbers reaffirm the positive trend of Colombia’s overall economy, and show that investors and visitors alike will continue to see opportunities in our country,” said Maria Claudia Lacouture, President of Proexport Colombia, the government agency charged with the promotion of trade, investment and tourism.

Colombia is Latin America’s third largest economy, after Mexico and Brazil, according to Capital Economics, a research firm.

With 13 Free Trade Agreements in place, Colombia has become an important player in the global economy. Colombia’s commercial relationship with the Caribbean region has been growing as well. Between January and December 2013, more than one thousand Colombian companies (1,036) exported more than US$535 million in goods and services to the Caribbean.

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