How did the Regional Economy Perform in the Second Quarter of 2022?

 Bogotá(only in Spanish)  

(Bogotá D.C., Cundinamarca)

The economy of the Bogotá region (Bogotá and Cundinamarca) in the second quarter of the year was marked by high consumption and dynamism in daily and productive activities, reflecting the strengthening of industry, trade, transport, and construction, as well as exports and imports. Good performance was limited by high freight and input costs due to the container crises, Russia's invasion of Ukraine, and China’s zero covid-19 strategy. The capital city's unemployment rate showed signs of improvement, while inflation remained high.

 Northeast (only in Spanish)

(Arauca, Boyacá, Norte de Santander, Santander)

During the second quarter of 2022, economic activity in Northeast grew in annual terms due to the strength of domestic and foreign demand, as well as the low-base effect from a year ago, when the third peak of contagion for Covid-19 and the national strike occurred. This was reflected in the good performance of trade sales, industrial production, transport and exports. Meanwhile, in the construction activity, some leading indicators showed a loss of dynamism. For its part, the labor market continued its recovery with higher levels of employment and a fall in unemployment, while consumer inflation reached double-digit annual variations in the three capitals of the region.

 Eje Cafetero (only in Spanish)

(Caldas, Quindío, Risaralda)

During the second quarter of 2022, the economy of Eje Cafetero continued with good dynamics in most of its sectors, taking into account the lower comparison base of the previous year, affected by the national strike. There was growth in the industry, domestic and vehicle trade, and hotel occupancy, as well as in most construction and transport variables and the livestock sector, particularly in cattle and pig slaughter. There was also growth in foreign trade, in both exports and imports. On the contrary, there was a fall in agricultural activity in the coffee harvest of Caldas and in the industry milk collection. Finally, the unemployment rate fell in the three capitals of the region, Manizales and its metropolitan area stood out as one of the lowest in the country, while inflation in the region continued with higher increases.

 Northwest (only in Spanish)

(Antioquia, Chocó)

In the second quarter of 2022, the economy of the Northwest region showed an annual increase in its most important productive activities, driven by the return to pre-pandemic conditions and the increase in demand. Due to their participation in the productive structure, trade, industry, tourism, and indicators associated with construction stood out, except for the sale of new housing. In turn, transport improved in all its modalities, while the results were most discrete in the agricultural sector, although pig slaughter and milk collection increased. Furthermore, exports grew largely due to manufacturing, while imports showed less progress. Finally, unemployment fell in both capital cities, while inflation in Medellin reached historically high levels.

 Southeast (only in Spanish)

(Amazonas, Casanare, Guainía, Guaviare, Meta, Vaupés, Vichada)

In the second quarter of 2022, the Southeast region presented a combination of results in the behavior of its economic activity. It recorded declines in relevant monitored variables of the agricultural sector, such as rice production, palm fruit processing, agricultural supply, and livestock slaughter; and in construction, the commercialization of new housing and built and in progress area. On the other hand, among the activities that reported growth were oil production, electricity consumption, and vehicles and motorcycles registration in the trade sector. There was also an increase in foreign trade, both in imports and exports. Finally, the unemployment rate fell while inflation rose in Villavicencio.

 Caribbean Coast (only in Spanish)

(Atlántico, Bolívar, Cesar, Córdoba, La Guajira, Magdalena, San Andrés y Providencia, Sucre)

 Central (only in Spanish)

(Caquetá, Huila y Tolima)

Most economic indicators in the Central region grew annually during the second quarter of 2022. Part of this result would be associated with the low base of comparison by the national strike of a year ago that limited the operation of several economic activities. In addition, the sustained recovery of consumption and the reactivation of the economy favored construction, motorcycle trade, hotel occupancy, passenger transport, and the livestock sector. On the contrary, the climatic conditions of the La Niña phenomenon deteriorated the agricultural sector and industry performance. As for foreign trade, exports and imports increased because of the depreciation of the Colombian peso and the low baseline. Finally, the unemployment rate continued to decline, and inflation remained at historically high levels, although the rise in food prices had a downward adjustment.

 Suroccidente (only in Spanish)

(Cauca, Nariño, Putumayo, Valle del Cauca)

During the second quarter of 2022, the economy of Southwest had an annual growth owing to the recovery of economic activity, and a low base of comparison. Manufacturing production increased and reached optimal inventory levels to achieve growing domestic and foreign demand; however, the costs of imported inputs and raw materials continued to rise. In turn, the supply of agricultural products increased, especially pork, milk, sugar cane, tubers, and some fruit trees. Furthermore, trade grew, boosted by the VAT-free day and sporting events, leveraged to some extent by income from foreign remittances and financial system resources, despite the adjustment in the interest rates of the credit that mainly affected the consumption line. Finally, employment in the labor market increased, and the unemployment rate decreased while inflation remained high.