Is Colombia on the path to industrialization?: Petro's theory questioned by industrial figures in GDP

TL;DR

Colombia's economy grew 2.9% in the first quarter of 2026.
President Gustavo Petro claims this signifies a new phase of industrialization, moving away from reliance on oil.
Experts and industry leaders question Petro's interpretation, citing lower growth figures from other surveys and rising operational costs.
The energy sector has seen dramatic cost increases, and taxes like the wealth tax are cited as detrimental to businesses.
The oil and gas sector has experienced its lowest February level since 2009, and coal extraction contracted by 13%.
Gold extraction is the only expanding sector, but approximately 80% is informal or illegal.
The overall Colombian economy grew 2.2% in Q1 2026, slightly above analyst expectations.

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