During the third quarter of 2020, the year-on-year variation rate of the Colombian GDP stood at a rate of -9.46%, after accelerating significantly with respect to the previous quarter. With respect to the labor market, the unemployment rate decreased with respect to the previous quarter, down to a rate of 17.59%, while the year-on-year variation rate of employment generation increased up to a rate of -12.95%. With respect to the exchange rate, the Colombian peso depreciated 11.71% against the US dollar with respect to 3Q19, up to an average nominal exchange rate of 3,793 Colombian pesos per dollar. Finally, the year-on-year CPI growth rate stood at 1.94%, after recording a decrease compared to the previous quarter.

 


Macroeconomic outlook report: Colombia 3Q20

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Macroeconomic overview

  • The Colombian economy recorded a significant increase of 6.56 p.p. in its year-on-year GDP variation rate, up to a rate of -9.46%. This performance was due to the relaxation of the containment measures which motivated the reactivation of the economic activity. Domestic demand attenuated the decline during this quarter, registering an increase of 6.28 p.p. with respect to the previous quarter, up to at a year-on-year variation rate of -8.48%.
  • As for the labor market, the unemployment rate decreased during the third quarter of 2020 and stood at a rate of 17.59%, which represented a decrease of 2.99 p.p. with respect to the rate recorded in the previous quarter. On the other hand, the year-on-year variation rate of employment generation in Colombia increased by 8.91 p.p. during 3Q20, reaching a rate of -12.95%
  • The Colombian peso depreciated 11.71% against the US dollar during 3Q20 compared to the same quarter of the previous year. Thus, the average nominal exchange rate for the third quarter of the year stood at 3,793 Colombian pesos per dollar.
  • The year-on-year CPI growth rate stood at 1.94%, after recording a decrease of 0.91 percentage points compared to the previous quarter.

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