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Colombia Economic Activity May 2023

Colombia: Economic activity rebounds in May

Economic activity grew 0.6% year on year in May (April: -0.8% yoy). The figure was largely due to a notable rebound in the agriculture and industrial sectors.

On a seasonally adjusted monthly basis, economic activity rebounded, rising 0.9% in May (April: -0.9% mom). Meanwhile, the trend pointed down, with the annual average growth of economic activity coming in at 3.5%, down from April’s 4.8%.

The print means that over April–May, economic activity contracted slightly. This bodes poorly for the GDP print for Q2, which is due to be released on 15 August. Economic activity in the quarter was likely weighed on by high inflation and rising interest rates.

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