Colombia Construction Industry Report 2024: Market to Record Subdued Growth of 1.8% this Year Following 5.2% Decline in 2023 - Forecasts to 2028 - ResearchAndMarkets.com
The Colombian construction industry is expected to record subdued growth of 1.8% in 2024, following an estimated decline of 5.2% in 2023.
- The Colombian construction industry is expected to record subdued growth of 1.8% in 2024, following an estimated decline of 5.2% in 2023.
- The decline in 2023 is attributed to elevated inflation, high construction material costs and interest rates.
- According to the International Monetary Fund, the country's inflation jumped from 3.5% in 2021 to 10.2% in 2022 and remained high in 2023 at 11.4%.
- Historical (2019-2023) and forecast (2024-2028) valuations of the construction industry in Colombia, featuring details of key growth drivers.