Colombia Economic Outlook
November 10, 2020Following an unprecedented GDP drop in Q2, available data suggests that recovering activity hit a roadblock in Q3, as repeated extensions of the nationwide quarantine until end-August pummeled domestic activity. After three consecutive months of moderation, the contraction in industrial output sharpened again in August amid reduced manufacturing of automotive parts and travel accessories. Moreover, in the same month, retail sales declined at a much faster pace than in July, which, coupled with a still-elevated unemployment rate in Q3, hints that household consumption remained downbeat in the quarter. That said, looking at Q4, the recovery seems to be gaining some steam again. Consumer confidence improved for the fifth consecutive month in October, while the manufacturing PMI climbed to a three-month high in the same month on the back of quickening output and a rebound in new orders.
Colombia Economic GrowthThe economy is seen contracting for the first time in over two decades this year due to the Covid-19 shock, before rebounding in 2021 on recovering household and capital spending as well as strengthening foreign demand. That said, uncertainty regarding the course of the pandemic and still-subdued prices for oil—the country’s main export—cloud the outlook. FocusEconomics panelists project GDP to grow 4.6% in 2021, which is unchanged from last month’s forecast. For 2022, panelists see GDP growth at 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 15, 2021
Industrial output grew a notably softer 8.6% year-on-year in May, following April’s 63.9% record-rate expansion, partially due to a less favorable base effect.
July 8, 2021
The Fedesarrollo consumer confidence index came in at minus 22.3 in June, improving notably from May’s minus 34.3.
July 3, 2021
Consumer prices tumbled 0.05% over the previous month in June, contrasting May’s 1.00% increase and marking the first drop in prices in seven months.
July 2, 2021
Merchandise exports grew 39.4% in annual terms in May, easing from April’s 56.4% expansion which had marked an over 12-year high.
July 1, 2021
The IHS Markit Manufacturing Purchasing Managers’ Index (PMI) edged up to 48.3 in June, following May’s 46.7.