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Economic growth is not always related to social welfare. Therefore, this paper takes the case of the Colombian economy that has a strong dependence on commodity exploitation to identify the impacts of different commodities such as oil, coffee, coal, and nickel over economic variables. The results show that the increase in prices of commodities generates significant impacts on economic activity in variables such as GDP and investment. Also, there are no significant impacts on variables that provide welfare to individuals as total consumption or the unemployment rate.

Economic growth without welfare. The case of the impact of commodities on the Colombian economy