Electoral uncertainty, high rates, and the El Niño phenomenon pressure economic growth outlook

TL;DR

Colombian economy grew 2.2% in Q1, slightly above analyst expectations.
Public spending accounted for 46% of Q1 economic growth, increasing by 7.8% annually.
Without government spending, the economy would have grown by only 1.4%.
Household consumption grew 2.7%, with spending shifting towards goods (3.9% growth) from services (1.9% growth) due to inflation differences.
Key sectors with strong performance included public administration, health, education, and industry.
Construction saw a significant decline of 5.4%, driven by lower housing starts and higher interest rates.
Agriculture production decreased by 1.4%, with coffee production at a 13-year low.
Mining and oil/gas also registered declines.
Future economic growth forecasts for 2026 and 2027 are revised downwards.

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