Construction to the Rescue

COLOMBIA - Report 28 Jun 2013 by Veronica Navas and Andrés Escobar Arango
Executive SummaryThough Q1 economic growth at 2.8% did not disappoint, now we must ask: how will growth unfold for the rest of 2013, and into 2014? Part of the answer lies in the only sector that overperformed in Q1: construction. Expanding 16.9% in Q1, construction has saved the day, and is positioned to be an important driver of growth for the rest of the year. Public spending and construction have been key this year, as was the coal problem and the weakness of foreign demand. Government consumption is growing by 4.6%, and gross fixed capital formation growth has jumped to 7.2%. But expor...

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