
Colombia Economic Outlook
June 14, 2022
GDP growth beat market expectations in Q1, but was still lower than that seen last year. The manufacturing plus retail and wholesale trade sectors grew strongly, while the agricultural sector contracted. Turning to Q2, the data paints a mixed picture. The manufacturing PMI averaged higher in April–May than it did in Q1, thanks to robust domestic demand, with consumer confidence ticking up in April–May. That said, inflation remained at a close to 22-year high in May and interest rates continue to rise, boding poorly for consumer spending. In politics, all eyes are on the presidential elections. In a dramatic development, Rodolfo Hernández, a 77-year-old right-wing populist, tripled his support in just over two months to reach the second round of the elections—to be held on 19 June—along with left-wing frontrunner Gustavo Petro.Colombia Economic Growth
After growing 10.7% last year, growth will slow this year due to rising inflation and higher interest rates. This said, our panelists still see growth comfortably above its pre-pandemic average thanks to strong growth of investment and exports. Key risks include the presidential elections and commodity prices. FocusEconomics panelists project GDP to grow 5.1% in 2022, which is up 0.2 percentage points from last month’s forecast. For 2023, panelists see GDP growth at 2.9%.Colombia Economy Data
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Colombia Facts
Value | Change | Date | |
---|---|---|---|
Bond Yield | 6.08 | 0.0 % | Dec 30 |
Exchange Rate | 3,287 | -0.17 % | Jan 01 |
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Colombia Economic News
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Colombia: Hernández and Petro to face off in second-round runoff
June 14, 2022
As expected, left-winger Gustavo Petro triumphed in the first round of presidential elections held on 29 May.
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Colombia: Consumer confidence improves in May
June 7, 2022
Consumer confidence rose to minus 14.7 in May from April's minus 17.5.
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Colombia: Inflation drops in May
June 4, 2022
Consumer prices increased 0.84% in May over the previous month, which was below the 1.25% increase seen in April.
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Colombia: Manufacturing PMI moderates in May
June 1, 2022
The Davivienda and S&P Global Manufacturing Purchasing Managers' Index (PMI) fell to 53.9 in May from April's 54.4.
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Colombia: GDP growth records slowest increase since Q1 2021 in the first quarter, but beats market expectations
May 16, 2022
GDP growth slowed markedly to 8.2% year on year in the first quarter, from 10.8% in the fourth quarter of last year.