During the first quarter of 2018, Colombia's real economic activity grew 0.4% QoQ in its seasonally adjusted series, lower than the 0.6% observed in Q1 2017. Thus, in annual terms, GDP slowed slightly, growing by 1.4%, in line with market expectations but higher than the previous quarter's 1.8% YoY. The stronger GDP growth was mainly explained by the sharp acceleration in wholesale and retail trade, which increased 3.9% YoY during the quarter (previous: 0.4% YoY), driven by increased motor vehicle and motorcycle repairs, as well as by improved warehousing and transportation activities. Additionally, the value added of public administration and defense improved, increasing 5.9% YoY as a result of the growth in mandatory social security plans, healthcare, and education.
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