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GDP fell 0.7% y/y in December and 0.6% for the year as a whole. It was a year of negative shocks (political and social upheaval, weather anomalies) and in which the environment for private sector spending was challenging (high inflation and interest rates).

In January, the Consumer Big Data index accelerated its growth (+4.6% YoY; December 2023: +2.6% YoY). Over the same period, the Big Data Investment index showed significant growth (+26.6% YoY; December 2023: +4.2% YoY).

In its February decision, the Board of the Central Bank decided to reduce the reference rate to 6.25% but maintained that this does not imply a cycle of successive interest rate cuts. The monetary policy stance, understood as the real ex-ante r…

The consumer price index increased 0.02% m/m in January 2024 and the interannual inflation rate stood at 3.02% (already very close to the upper limit of the target range).

GDP grew 0.3% YoY in November. By productive sectors, the primary component grew 8.8%, where the growth of agriculture, fishing and metal mining stood out. On the other hand, the non-primary component of GDP remains in negative territory.

In its January decision, the Board of the Central Bank decided to reduce the reference rate to 6.50% but maintained that this does not imply a cycle of successive interest rate cuts. The monetary policy stance, understood as the real ex-ante reference rate, tightened somewhat and remains in restrictive territory.

In December, the Big Data Consumption index registered its first expansion (+2,6% YoY), something that had not occurred since February. During the same period, the Investment Big Data Index showed an increase for the third consecutive month (+4.3% YoY).

The consumer price index increased 0.41% MoM in December. The result for the month is explained by the seasonal increase in transportation prices and the prices of some foodstuffs, particularly poultry, also increased.

GDP contracted 0.8% YoY in October. By productive sectors, the non-primary component of GDP contracted 1.7%, highlighting the decline in the construction and non-primary manufacturing sectors. On the other hand, the primary component of GDP reg…

In its December decision, the Central Bank Board decided to reduce the reference rate to 6.75% but maintained that this does not imply a cycle of successive interest rate cuts. The monetary policy position, understood as the real ex-ante refere…

In November, the Big Data Consumption index registered a new YoY contraction, although lower than in previous months. In the same period, the Big Data Investment index grew YoY for the second consecutive month.

The economy will contract 0,4% in 2023, negatively affected by successive shocks. The impact of most of these shocks (except for El Niño) will vanish in 2024 and economic activity will grow again (2,0%). The recovery will be completed in 2025, with output growing around 3,5%.