Macroeconomic outlook report: Colombia

During the first quarter of 2022, the year-on-year rate of change of the Colombian GDP registered a decrease compared to the previous quarter, registering a rate of 8.15%, being 2.55 p.p. lower than the one reported in the previous quarter. In the labour market, the unemployment rate increased during the first quarter of 2022 reaching 13.22%, being several points above the average of Latin American countries. Regarding the exchange rate, the Colombian peso appreciated 1.17% against the US dollar compared to 4Q21, to an average nominal exchange rate of 3,880 Colombian pesos per dollar. Finally, the year-on-year growth rate of the CPI was 7.83%, after registering an increase from the previous quarter.

Macroeconomic outlook report: Colombia 1Q22

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Macroeconomic overview

• During the first quarter of 2022, Colombian GDP registered a 2.55 p.p. decline in its year-on-year GDP growth rate, presenting a year-on-year GDP growth rate of 8.15%. Despite this decline, Colombia's growth in 1Q22 was above the Latin American GDP average of 5.21%.
• In the labour market, the unemployment rate increased during the first quarter of 2022 to 13.22%, which was 0.70 p.p. higher than the rate recorded in the previous quarter. Moreover, unemployment remained several points above the average for Latin American countries.
• The Colombian peso appreciated 1.17% against the dollar in 1Q22 compared to the previous quarter. The average nominal exchange rate for the first quarter of the year was 3,880 Colombian pesos per dollar.
• The year-on-year growth rate of the CPI stood at 7.83%, 2.68 p.p. higher than in the previous quarter.

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