The Colombian commercial gases market generated estimated revenues of $179m in 2018. This is up from $99m in 2008, indicating and average annual growth rate of 6.2% over the past decade.
Colombia has witnessed strong economic growth over the past decade – averaging at 6.28% per year. Growth has however been slowing over the past few years – like many other South American economies, the fall in commodity prices and a decline in exports have effected growth.
Inflation has recently been creeping up, and stood at 4.6% in 2018. Despite this, it has declined since 2017 with a 5.5% inflation rate the year prior.
Within the 2018-2023 timeframe, gasworld business intelligence predict growth from 6.6% p.a. in a low scenario to 9.2% p.a. in a high scenario. Accordingly, the industry in Colombia is expected to achieve revenues of between $247m to $279m by 2023.
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