If expectations are met, it would be a marked acceleration compared to the 0.1% annual expansion of the Gross Domestic Product in the second quarter of 2023 and 0.7% annual growth in the first quarter of 2024.

Colombia's economy would have expanded by 2.2% in the second quarter compared to the same period in 2023, an improvement compared to the start of the year due to a moderate recovery in investment, but with consumers still cautious when purchasing. a Reuters poll revealed on Thursday.

If the median of the consultation of 10 analysts is met, it would be a marked acceleration compared to the 0.1% annual expansion recorded by the Gross Domestic Product (GDP) in the second quarter of 2023 and 0.7% annually. in the first quarter of 2024.

The experts' estimates showed a wide dispersion, between a growth of 1.10% and 3%.

The growth for the period between April and June would also have been above the forecast of the Central Bank's technical team, which last week estimated it at 1.8%.

"In general we do see that the economy seems to have hit rock bottom and we have a very gradual recovery," said Sergio Olarte, chief economist for Colombia at Scotiabank, who highlighted better performance in the agricultural sector and greater government spending.

The state-run DANE will publish the GDP report for the second quarter on Thursday, August 15.

"However, we are not thinking that this data from the second quarter will continue to be seen for the rest of the year due to household consumption that is still defensive, very flat and investment that, although it stops falling, does not see a strong recovery," Olarte added.

The pace of economic growth has been affected by the still high interest rates despite the fact that the Central Bank has cut its reference rate by a total of 250 basis points since December to a current level of 10.75%, as well as by a inflation that at the end of June stood at 7.18% annually, more than double the target of 3%.

Compared to the period between January and March, GDP in the second quarter would have expanded by 0.81%, according to the sample.

Meanwhile, growth expectations for Latin America's fourth economy in 2024 as a whole rose slightly to 1.5%, compared to the 1.3% shown in the previous survey.

Meanwhile, for 2025 expectations remained at an expansion of 2.6%, according to the median.