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The October 2023 national unemployment rate was 9.2%, down from 9.7% in October 2022, and the urban unemployment rate was 9.0%, down from 9.9% a year earlier. Seasonally adjusted, the national rate increased by 0.3 p.p. between September and October 2023 and the urban rate decreased by 0.2 p.p..

The slowdown of the economy is supported by a strong contraction of investment over the already weak levels reported in recent years, which is one of the main challenges for the future of the Colombian economy.

Remittances to Mexico increased by 8.4% in the month of October 2023, reaching 5,812 million dollars (md) and marking a record in the receipt of these resources. Thus, they have had a streak of 42 consecutive months with growth, starting in May…

The consumer price index dropped 0.16% m/m in November. During the month, the decrease in some food prices stood out, due to supply shocks they faced in recent months starting to dissipate.

Inflation surprised to the downside across major economies in October. Besides a favorable base effect and lower energy, reassuringly, services inflation is beginning to ease as well, in both, the US and the eurozone. Meanwhile, bottlenecks see…

Private consumption balance between goods and services changed due to pandemic spending patterns, the subsequent recovery and the current slowdown. In addition, the new momentum of goods consumption since 2024 and the role of government spending are expected to change, again, the composition of household spending.

In 2022, poverty was 36.6% of the population, compared to 39.7% in 2021. With this, 1.3 million people were lifted out of poverty in Colombia between 2021 and 2022. Economic growth was the main factor that reduced poverty, an effect that was partly moderated by inflation.

GDP contracted 1.3% y/y in September. By productive sectors, the non-primary component of GDP contracted 2.8%, highlighting the decline in the construction and non-primary manufacturing sectors. On the other hand, the primary component of GDP r…

In the first half of 2023, FDI accounted for 5.8% of GDP and financed more than the entire current account deficit. current account deficit. Increasing FDI flows, especially those other than reinvestment of profits, is a desirable objective in …

In its November decision, the Central Bank Board decided to reduce the reference rate to 7.00% but noted that this does not imply a cycle of successive interest rate cuts. The monetary policy position, understood as the real ex-ante reference r…

Monthly inflation in October was 0.25% and annual inflation was 10.48%. The result is below the expectations of market analysts, who according to the survey of Banco de la República expected an average of 0.37%.

Colombia has made significant progress in terms of labor formality in the last four years. Labor formality has positive implications for people's living conditions, productivity and the country's capacity to face adverse events, among others.