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In the first quarter of 2023, GDP grew 3.0% YoY and domestic demand fell 0.1% YoY, due to the deterioration of fixed investment and inventory deaccumulation. External demand contributed positively to growth. BBVA Research has a slight upward bias in its GDP growth projection of 0.7% in 2023.

GDP grew 0.2% YoY in March. Primary GDP grew 8.5%, particulary the mining sector, supported by Metal Mining production. The non-primary component of GDP, however, remained negative in March. This occurred in a context of adverse weather conditions.

The Central Bank Board (BCRP) decided to maintain in May the monetary policy rate at 7,75%, a decision that was widely expected.

At the Forum "Colombia's Social challenges" a summarised version of the report "How is the social situation of Colombians?” which analyses variables related to the social situation, characterises the main poverty figures and concludes with the …

In April, monthly inflation was 0.78% and annual inflation was 12.82%, below the expectations of market analysts (who, according to the Banco de la República survey, expected a variation of 0.87%).

The Big Data Consumption and Investment indices showed YoY falls in April, indicating a continuation of the deterioration seen in the first quarter of the year.

In March the national unemployment rate was 10.0%, 2.1 percentage points lower than in the same month of 2022. Seasonally adjusted, the unemployment rate in March was 10.0%, down from 10.3% in February and below the 11.0% level around which it had stabilised between May 2022 and January 2023.

Inflation increased 0.56% monthly in April. This was due to the rise in the prices of some foods and restaurants, to which was added the seasonal increase in interprovincial land and air transport tickets due to the long Easter holiday.

At its April meeting, the Central Bank increased the monetary policy rate by 25bp, bringing it to 13.25%. The vote was split, with 2 members voting in favor of holding rates steady, one in favor of a 50bp increase and 4 in favor of a 25bp incre…

GDP contracted 0.6% y/y in February. Primary GDP remained positive due to the performance of the Metal Mining and Fishing sectors. On the other hand, non-primary GDP fell again, affected by the negative results of the Non-primary Manufacturing …

The Board of the Central Bank decided to maintain the monetary policy rate at 7.75% in April. The Bank maintained the monetary policy stance understood as the real ex-ante policy rate at a restrictive level.

BBVA Research's big data consumption index for Peru (inflation-adjusted spending with cards and cash withdrawals) slowed for the fourth consecutive month. In particular, in March, the index registered a contraction (of 2.8%), indicating that family spending is weakening.