In the first quarter of 2020, the y/y growth rate of Colombian GDP stood at 0.41%, after registering a considerable decrease when compared to the previous quarter. This behavior was driven by the remarkable fall in both the external and internal demand of the Colombian economy, heavily affected by the containment measures carried out during the first quarter of 2020 by the Colombian and world governments to contain the spread of the Covid-19. Regarding the labor market, the unemployment rate increased when compared to the previous quarter to 11.22%, while the year-over-year growth rate of employment creation decelerated to -2.66%. With respect to the exchange rate, the Colombian peso stood at 3,672 Colombian pesos per dollar, after a depreciation of 275.52 pesos per dollar when compared to 4Q19. Finally, inflation reached 3.73%, decreasing when compared to the previous quarter.
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