BOGOTA, Feb 14 (Reuters) – Colombia’s economy grew more than 10.2% in 2021, the fastest rate in recent history, President Ivan Duque said on Monday.
The figure is higher than the median given by analysts in a recent Reuters poll, in which the market predicted 10% growth in Latin America’s fourth-largest economy last year.
Economic growth follows a record contraction of 6.8% in 2020 amid measures taken to curb the spread of the coronavirus pandemic.
“In 2021, the Colombian economy grew by more than 10.2%, which means that we have achieved the greatest economic growth in the history of our republic,” Duque said at an event in Brussels, the Belgian capital.
“It shows our resilience, and it’s very important to say that this is sustainable growth,” he added.
Government statistics agency DANE will release information on Colombia’s gross domestic product (GDP) in 2021 on Tuesday.
The expansion of the Andean country’s economy has been driven by households spending savings accumulated during the pandemic, as well as strong fiscal spending and historically low interest rates, analysts said.
The government is targeting economic growth of 5% in 2022, which is higher than analysts’ forecast of 4.1%. (Reporting by Nelson Bocanegra; Writing by Oliver Griffin; Editing by Jan Harvey)