Colombia Economic Outlook
May 19, 2020The economy is reeling from dual shocks from the impact of Covid-19 and historically low oil prices. Growth slid to a three-year low in the first quarter, dragged down by plunging exports and investment. Moreover, the economy is expected to have deteriorated further in April, when the economic effects of the health crisis amplified. Consumer confidence plummeted to a record low in the month. On 4 May, the fiscal rule advisory committee once again widened the government deficit limit for this year, increasing it to 6.1% of GDP to provide authorities further space to enact measures to mitigate economic damage and considering the expected drastic loss of revenues. However, strained public accounts are taking a toll on Colombia’s credit rating, with Fitch Rating’s recently revising its rating down to BBB- and Standard and Poor’s revising its outlook from stable to negative.
Colombia Economic GrowthGDP is seen contracting for the first time since 2000 this year, as the economy reels from domestic disruptions related to the Covid-19 pandemic, halted external demand and historically low global oil prices. Risks to the outlook remain high, stemming from a long continuation of low oil prices and the possibility of losing its important investment grade status. FocusEconomics panelists project GDP to contract 3.1% in 2020, which is down 2.0 percentage points from last month’s forecast. For 2021, panelists see GDP growing 3.6%.
Colombia Economy Data
5 years of Colombia economic forecasts for more than 30 economic indicators.
Get a sample report showing our regional, country and commodities data and analysis.
|Bond Yield||6.08||0.0 %||Dec 30|
|Exchange Rate||3,287||-0.17 %||Jan 01|
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
Colombia Economic News
July 2, 2020
The seasonally-adjusted Davivienda manufacturing Purchasing Managers’ Index (PMI) rose by over 17 points in June, recovering after the worst readings on record in April and May.
June 12, 2020
Industrial production declined a notable 35.8% year-on-year in April (March: -8.7% yoy).
June 5, 2020
Consumer prices dropped a seasonally-adjusted 0.32% from the last month in May, contrasting April's 0.16% increase and marking the lowest result on record.
June 1, 2020
The seasonally-adjusted Davivienda manufacturing Purchasing Managers’ Index came in at dismal 37.2 in May, marking the second-lowest reading on record.
May 29, 2020
Exports plummeted 52.3% over the same month last year in April, the worst decline on record as the coronavirus pandemic halted the domestic and global economy (March: 28.5% year-on-year).