BBVA Research

The increase in total tourist spending with cards by Spaniards and foreigners slowed during the second four-month period of 2025, standing at 5.7% y/y (4.5 pp less than in the previous period), in a context of rising prices.

In August, Social Security lost 199,300 contributors and unemployment rose by 21,900 due to seasonal factors. Once seasonally adjusted (SA), the number of contributors increased by 29,900 and the number of unemployed fell by 4,800. The share of temporary contracts in the General Regime stood at 13.7% (SA).

The Lima Consumer Price Index (CPI) contracted 0.29% in August 2025, surprising the consensus of analysts. Year-on-year inflation fell to 1.1%, close to the lower limit of the Central Bank's target range. Inflation excluding food and energy rose slightly to 1.8%.

Private consumption has become Colombia’s key growth engine. Driven by employment, income, credit, and remittances, it is shifting toward services and entertainment, while demographic changes reshape household spending patterns for the years ahead.

The economy grew 2.8% year-on-year in 2Q, driven by the expansion of domestic demand (+6%). On the fiscal front, the deficit narrowed to 2.6% of GDP due to higher revenues, while public debt stood at 31.8% of GDP. Externally, the current account posted a surplus of 1.9% of GDP.

The trade surplus in 2Q25 is mainly due to the positive balance on non-oil-related goods, which in the second quarter of 2025 was USD 8,893 million after having posted a surplus of USD 4,730 million in the first quarter.

The United States faces global uncertainty in terms of trade policy, with forecasts of inflation and interest rate cuts. At the same time, the Colombian economy is recovering, with consumption driving the recovery. Unemployment rates are low and informality is on the rise.

After the dissolution of Coneval, Inegi has assumed responsibility for measuring poverty and for the comprehensive evaluation of Mexico’s social development policy. This note analyzes the results of Inegi’s first 2024 multidimensional poverty report.