Published on Thursday, October 6, 2022 | Updated on Friday, October 14, 2022

Colombia Economic Outlook. October 2022

The Colombian economy will enter a lower growth fase. Private consumption will stabilize at more sustainable levels in the medium term. Inflation will gradually moderate in 2023. The Central Bank will have space to start a gradual interest rate reduction cycle at the end of 2023.

Key points

  • Key points:
  • Global growth moderation is expected to continue in the midst of strong inflationary pressures and a more aggressive response by central Banks in developed countries.
  • Economic growth in Colombia will stand at 7.6% in 2022, 0.7% in 2023 and 2.0% in 2024.
  • Inflation will close 2022 at 11.8%, showing some signals of moderation that will consolidate in 2023, when it will close at 7.1%. In 2024, inflation will continue its reduction path to close at 4.5%.
  • The Central Bank is close to the end of the hiking cycle, with a terminal rate near 11.0%. After this, at the end of 2023, the Central Bank will start a reduction cycle, based on the economic growth and inflation moderation.
  • The Colombian economy will gradually reduce its macroeconomic imbalances, thought remaining at relative high levels being an important challenge for the country and a factor that could increase the exchange rate volatility.

Documents to download

Multimedia content

  • Colombia Economic Outlook. October 2022

    Spanish October 6, 2022



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