How was the growth of Bogota’s economy in 2023 and what are the projections for this year? This is what you see in Development Monitor

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How was the growth of Bogota’s economy in 2023 and what are the projections for this year?  This is what you see in Development Monitor

He The economy will grow of Bogota in the year 2023 It was better than expected and it is expected that this repeat performance will continue this year as well.

According to the criterion of

This has been revealed through the analyses Economic Development Secretariat Based on the calculation of Gross domestic product (GDP) what he does Dane To the city, in the county agreement.

According to the Bogota Economic Development Lab, According to the latest Dane report, last year it closed with 0.6 percent of GDP per capital.

Although this result was similar to that shown by the country in the same year, the capital fared better in the fourth quarter. During that period, the Bogotá economy grew by 0.7 percent, four-tenths more than the national figure.

Bogotá and the development of Colombia’s economy

Photo:Infographic TIME

“Although we observe that some sectors are in recession, this behavior seems to have already passed and different signals will start to be detected in 2024,” explains Catalina Bejarano, director of the Bogotá Economic Development Laboratory.

Official highlights don’t signal an employment slowdown in the city in particular, but rather, one might think, “the economy is on the right track,” he says.

Bogotá has very positive labor market indicators such as falling unemployment rates and closing gaps in unemployment rates between women and men.” notes Bejarano. That recession was caused by macroeconomic factors such as inflation, interest rates and exchange rate managed by the national government.

For example, the unemployment rate in the February-April quarter of this year was 10.1 percent, one percent lower than the national average.

In Bogotá, there are frequent job fairs sponsored by county agencies.

Photo:Archive EL TIEMPO- Milton Dìaz

Job creation hasn’t stopped in Bogotá

Although Bogotá’s GDP for the first quarter won’t be known until next August, figures released by Dane for the fourth quarter and full year of 2023 indicate expectations of better performance among the Bogotá business community. their country’s economy.

The results of the capital in 2023 allow us to establish that three activities of the economy showed growth: financial services, recreation and entertainment and public administration, security and defense.

“Expectations are positive. If the economy is capable of creating employment, it recovers more quickly because households have income and can generate consumption.This is reflected in the behavior of the major economic branches,” notes the analyst.

The results of the capital in 2023 allow to establish that three functions of the economy have shown growth: Financial services, 7.8 percent; Recreation and entertainment, 6.8 percentand public administration, safety and security, 3.4 percent.

After financial services, the most growing sector in the city is entertainment and entertainment, such as concerts, theater and sports activities.

Bogotá has nine clearly identified production zones.

Photo:Archive EL TIEMPO – Mauricio Moreno

This is a behavior that these sub-divisions are starting after the lockdown due to the Covid-19 pandemic and it is continuing to evolve in the capital and the trend is expected to continue.

Sectors of the economy in Bogotá were in decline

On the contrary, the Manufacturing industries (-4.2), wholesale and retail trade (-2.5) and construction (-8.5), civil works and houses and officeshas decreased compared to the previous period.

This is a case of construction, which represents a reduction. But, according to Bejarano, this does not mean that the said activity has decreased, but rather that it did not grow at the same rate as in 2022, when a historic boom occurred.

The civil works and construction sector of houses and offices has been affected, but continues to generate production and employment

Photo:Time Archives – Martin Garcia

The sector is self-sustaining and this is manifested by the intensity of construction of infrastructure works (metro, transmilenio trunks, roads, schools and hospitals) and urban planning projects. Their behavior is more than what they offered in 2019.

For all these important sectors of the Bogotá economy, the district administration is working on strategies – most of which are left in the development plan – so that they can continue production and at the same time create employment.

This is the case with Talento Capital, which helps provide training in the areas of business needs and job creation; Impulso Capital aims to support micro and small businesses with machinery and equipment, and financing lines.

Guillermo Reynoso Rodríguez

Bogotá teacher

On X: @guirei24

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