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Macroeconomic outlook report: Colombia

Third quarter of 2019

In the third quarter of 2019, the y/y growth rate of Colombian GDP decelerated to a rate of 3.28%. The behavior of GDP was driven by the performance of the external sector. In the labor market, the unemployment rate grew compared to the previous quarter to 10.71%, while the year-over-year growth rate of employment creation decelerated to -1.83%. With respect to the exchange rate, the Colombian peso stood at 3,395 Colombian pesos per dollar, after a depreciation of 103 pesos per dollar. Finally, inflation reached 3.82%, increasing compared to the previous quarter.

Macroeconomic overview

  • The Colombian economy decreased its year-over-year GDP growth rate by 0.14 p.p. to 3.28%. Exports experienced a higher deceleration than the acceleration of imports. Domestic demand increased by 0.30 p.p. with respect to the previous quarter, reaching 5.42%.
  • In the labor market, the unemployment rate grew during the third quarter of 2019 to 10.71%, an increase of 0.37 p.p. over the rate recorded in the previous quarter. In addition, the year-over-year growth rate of employment generation in Colombia decelerated by 0.22 p.p. during 3Q19, reaching -1.83% in this quarter.
  • The Colombian peso depreciated against the dollar by 103 pesos per dollar compared to the average value recorded in the second quarter of 2019. Thus, the average nominal exchange rate for the third quarter of the year was 3,395 Colombian pesos per dollar.
  • The year-on-year CPI growth rate reached 3.82%, increasing 0.49 percentage points from the previous quarter.

For more information, click here to access the executive document in pdf (only avalaible in Spanish).

© GMS Management Solutions, S.L., 2020. All rights reserved. The information contained on this publication is of a general nature and does not constitute a professional opinion or an advisory service. The data used in this publication come from public sources. GMS Management Solutions, SL assumes no liability for the veracity or accuracy of such data.