GDP is a key measure of economic output, but departmental figures are published with a lag. Therefore, it is useful to complement them with more recent information. In this context, the BER offers a timely view of the regional economy based on analysis and interpretation of indicators from different sectors. Because data collection occurs about a month before publication, the BER provides a near-real-time view.
Why is household consumption important for the economy?
Household consumption can affect multiple activities at the same time. When people buy more goods and services, they help trade and related activities, such as transportation, financial services, and distribution. To sustain this momentum, consumption must also be continuous. Therefore, consumption increases based on excessive household indebtedness or at the expense of very low savings are not sustainable over time.
Related BanRep Blog: The Colombian Economy from a Regional Perspective
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When we hear that the economy has grown, we may assume every household, business, and region in the country experienced the same narrative. However, that’s often not the case. A good harvest can boost one region’s performance, while construction challenges may slow down another’s. To really understand a country’s economy, we need to look not only at its overall growth rate, but also at where, how, and why it’s growing...
