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Macroeconomic outlook report: Colombia

First quarter of 2019

In the first quarter of 2019, the y/y growth rate of Colombian GDP stood at 2.29%, 0.45 p.p. lower than in the previous quarter. The slowdown in domestic demand, together with the worst performance of the external sector, led to this reduction in economic growth. In the labor market, the unemployment rate rose by 0.33 p.p. from the previous quarter to 10.47%, while the year-over-year growth rate of employment creation accelerated to 0.52%. With respect to the exchange rate, the Colombian peso stood at 3,137 Colombian pesos per dollar, after an appreciation of 94 pesos per dollar. Finally, inflation reached 3.12%, down 0.14 p.p. from the previous quarter.

Macroeconomic overview

  • The Colombian economy reduced its year-over-year GDP growth rate by 0.45 p.p. to 2.29%. Exports experienced a higher deceleration than imports. On the other hand, domestic demand reduced its growth to 3.20%, after the decrease suffered by gross fixed capital formation and public expenditure.
  • In the labor market, the unemployment rate rose during the first quarter of 2019 to 10.47%, an increase of 0.33 p.p. over the rate recorded in the previous quarter. In addition, the year-over-year growth rate of employment generation in Colombia accelerated by 0.65 p.p. during 1Q19, reaching 0.52% in this quarter.
  • The Colombian peso appreciated against the dollar by 94 pesos per dollar compared to the average value recorded in the fourth quarter of 2018. Thus, the average nominal exchange rate for the first quarter of the year was 3,137 Colombian pesos per dollar.
  • The year-on-year CPI growth rate reached 3.12%, down 0.14 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., 2019. 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.