Antioquia’s Gross Domestic Product Grew 7% in 2014: DANE

Colombia’s national statistics agency (DANE) on October 18 released an analysis showing that Antioquia’s gross domestic product (“PIB” in Spanish initials) grew 7% for all of 2014 – third best in all Colombia and more than one-third greater than the PIB growth in Bogota.

The construction industry was a key driver in Antioquia’s 2014 PIB growth – mainly in the residential sector — with a 29% jump in activity (versus 9.9% nationally) year-on-year, the analysis shows.

As a result, Antioquia now represents 13.5% of Colombia’s entire PIB, second only to Bogota at 24.9%.

Antioquia and Santander were the only two departments that saw their share of national PIB grow compared to all other departments in Colombia in 2014, according to DANE. Construction and industrial production were the key drivers for those two big winners in PIB.

While construction now accounts for 13.5% of Antioquia’s PIB, the bigger contributors to Antioquia’s economy remain finance and business services (22.8%);) social services (15.6%, including utilities); retail (14.1%, including hotels and restaurants); and industrial manufacturing (13.6%), the analysis shows (see graphic).

Coffee production grew 10% nationally in 2014, especially in the departments of Valle, Cauca, Huila and Tolima. However, Antioquia remains Colombia’s second-biggest coffee producer, with a 13.8% national share, behind Huila (16.6% share), the DANE analysis shows.

As for civil works (roads, bridges, highways), Antioquia reported a 54.9% jump in activity in 2014, a bigger growth rate than seen in all Colombia, according to DANE.