The National Department of Statistics (DANE) has reported that by the second quarter of 2021, Bogotá Gross Domestic Product (GDP) has grown by 17.3%. As a result, the city's economy is currently on par with the national average, which has itself seen an increase of 17.6%.
When comparing Bogotá’s 2021 growth side-by-side with that of the same period in 2019 numbers show a steady climb to reach an economic growth of 98.6%, proving we are on the right path. Despite a number of costly obstacles such as blockades, strikes, and a third wave of COVID, the city is on the right path to re-activation.
The Secretary of Economic Development of Bogotá, Carolina Durán says, “These results are proof of the strength and resilience of Bogotá's businessmen and merchants. They have made it possible for the economy to reach pre-pandemic levels. From the Secretariat for Economic Development we will keep following this process to continue growing and recovering jobs wherever possible.”
Contenidos relacionados
The first milestone was re-opening essential businesses like markets and pharmacies. Re-activation was slow at first, but based on the initial success of this soft re-opening, more business began to stir. Soon the wholesale and retail sectors opened their doors; shopping malls reopened and so did mechanics and transportation services. Most importantly the food service industry reopened and has been creating many new jobs. This steady re-activation has accounted for an economic boost of 32.7%, boding well for the growth yet to come.
Once essentials businesses were up and running, other sorely needed services began to shake back to life. The entertainment industry returned – albeit to a much-reduced capacity – to the enthusiasm of the wider public. Artists and craftsmen began swelling the streets again and since this time last year, the city has had a growth of 83.8%.
The recovery of the manufacturing sector in Bogotá is higher than the national level. For the second quarter of 2021, the annual growth of the sector was recorded at 43.5%, much higher than the country average, which stands at 32.5%.
Construction has grown by 17.2% due to a 40.4% rise in the construction of residential buildings in blue collar areas. Construction of non-residential buildings such as hospitals and offices has risen to 54.8%. With the start of large infrastructure works such as the Metro and some road works, the contribution of this sector will only increase.
"During the third quarter, manufacturing and commerce are expected to continue on the path to recovery, as well as entertainment services, restaurants and pubs," concluded Secretary Durán.
