Searcher
Searcher
See main menu
Type 2 or more characters for results.

Published on Thursday, December 7, 2023

Colombia | In the third quarter, the current account deficit stood at 1.7% of GDP

Summary

In the third quarter, the current account deficit continued to close rapidly at 1.7% of GDP and continued to reflect the slowdown in the economy's domestic demand.

Key points

  • Key points:
  • The current account deficit reached USD 1,680 million in the third quarter and represented 1.7% of GDP, decreasing by 73% compared to the value recorded in the third quarter of 2022 (USD 6,227 million) and by 65.2% compared to the second quarter of 2021.
  • The deficit reduction was led by the adjustment in the trade balance, which decreased by 67.1% with respect to the same quarter in 2022 (from USD 4,473 million to USD 1,471 million) and went from representing 5.1% of GDP to 1.5%.
  • The deficit in primary income, where the balance of factor income is collected, reached USD 3,566 million, decreasing by 26.6% with respect to the third quarter of 2022 and went from representing 5.6% of GDP in the third quarter of 2022 to 3.6% of GDP in the third quarter of 2023.
  • Secondary income represented 3.4% of GDP, mainly explained by remittances, which grew 4.9% annually and represented 2.5% of GDP.
  • Foreign direct investment reached USD 3,368 million, growing by 8.9% compared to the third quarter of 2022. With this, FDI represented 3.4% of GDP and financed more than the entire current account deficit.

Geographies

Topics

Documents and files

Report (PDF)

Cuenta-corriente_3Q23.pdf

Spanish - December 7, 2023

Authors

AM
Andres Felipe Medina Grass BBVA Research
New comment
Log in to join the debate and interact with our team of economists.

Be the first to add a comment.

You may also be interested in