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
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|Bond Yield||6.08||0.0 %||Dec 30|
|Exchange Rate||3,287||-0.17 %||Jan 01|
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Colombia Economic News
April 15, 2021
Industrial output bounced back in February, growing 0.6% year-on-year, contrasting January´s 1.6% drop.
April 8, 2021
The Fedesarrollo consumer confidence index came in at minus 11.4 in March, improving from February’s minus 14.6.
April 6, 2021
Merchandise exports flatline in February, improving from January’s 24.1% year-on-year collapse, and logging the best reading in more than a year.
April 5, 2021
The seasonally-adjusted Davivienda manufacturing Purchasing Managers’ Index (PMI) rose to 52.4 in March, following February’s 50.2.
April 5, 2021
Consumer prices rose 0.51% on a monthly basis in March, down from February’s 0.64% increase.