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.
Can a region continue to grow while some of its activities are declining?
Yes. This happens because an economy encompasses many activities, each shaped by different factors. For example, trade may be driven by higher household consumption, while sectors such as construction or agriculture may face challenges related to demand, climate, or regional conditions. To understand how a region is performing, it is therefore necessary to analyze all its activities, since some may grow while others show less dynamism.
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...
