Colombia's economy grew 5.1 per cent in the first quarter versus a year earlier, speeding up its annual pace of growth from the fourth quarter, government data showed Thursday.
Colombia, which is Latin America's No. 5 economy, grew faster than regional powerhouses Mexico and Brazil on a year-over-year basis, but slower than the scorching rates seen in Chile and Argentina.
Colombia's first-quarter GDP growth rate was faster than the 4.77 per cent average forecast of 40 analysts polled by Reuters last week.
Growth in the first quarter of 2010 was 4.1 per cent versus a year earlier, according to the DANE statistics agency.
In the fourth quarter of 2010, Colombia's gross domestic product grew an upwardly revised 4.8 per cent versus a year earlier, the agency said. Last March it said the GDP grew 4.6 per cent in that period.
Colombia's first-quarter growth was 1.9 per cent versus the fourth quarter of last year, DANE said.
The country, which is Latin America's No. 4 oil producer, has experienced a strong recovery from the global economic crisis, garnered three investment-grade credit ratings so far this year, and continued to reap strong inflows in the mining and oil sectors.
Regionally, in the first quarter, Brazil grew 4.2 per cent and Mexico 4.6 per cent, but Argentina expanded at a scorching 8.6 per cent and Chile's economy roared ahead at 9.8 per cent.