Growth was led by the agricultural sector, which recorded growth of 8.1%, along with recreational services, which grew by the same proportion.

Gross domestic product (GDP) expanded by 1.7% in 2024 compared to the previous year, marking another year of low growth due to the contraction of the oil, gas and coal sectors.

Oil and mining contracted by 5.2%, while manufacturing fell by 2.1%. Growth was led by the agricultural sector, which grew by 8.1%, along with recreational services, which grew by the same proportion. Coffee-related activities grew by 22.5%, driven by high prices.

In the fourth quarter of 2024, the Gross Domestic Product grew by 2.3% compared to the same period in 2023, the National Statistics Administration Department (DANE) announced on Monday.

The economic activities that contributed most to the dynamics of added value were wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage; accommodation and food services, which grew by 4.4% (contributing 1.0 percentage points to the annual variation).

Public administration and defense; compulsory social security plans; Education; Human health care and social services activities grows by 4.0% (contributing 0.7 percentage points to the annual change).

Agriculture, livestock, hunting, forestry and fishing grew by 6.5% year-on-year (and contributes 0.6 percentage points to the annual change).