National Financial Accounts Bulletin by Institutional Sector - Fourth Quarter 2024

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AUTHORS AND/OR EDITORS
Office for Monetary Policy and Economic Information
Technical and Economic Information Department
Financial Accounts Section

Below is the summary of financial accounts by institutional sector and financial instrument. For further details, please refer to the Technical Bulletin (only in Spanish).

Publication Date:
Tuesday, 22 April 2025

Saving-Investment Flows for the Fourth Quarter of 2024

1. By Institutional Sector

According to the Financial Accounts calculated by Banco de la República (the Central Bank of Colombia), in the fourth quarter of 2024, the current account deficit of the Colombian economy reached 1.7% of quarterly GDP, compared to 1.6% in the same period of 2023. This was mainly reflected in the deficit of the General Government (16.4%).

Graph 1. Current Account Deficit of the Colombian Economy and Savings and Investment Balances by Institutional Sector, Q4 2023 – Q4 2024

The vertical axis of the graph represents the percentage of quarterly GDP, ranging from -15% to 10%. It exhibits the performance by institutional sector from Q4 2023 to Q4 2024. For the last quarter, the General Government deficit increased from -3.0% to -16%; financial corporations exhibited a moderate deficit; non-financial corporations and the household sector exhibited growth compared to the previous quarter. The Colombian economy decreased compared to the previous quarter.

Source: Banco de la República - Financial Accounts

Compared to Q4 2023, domestic and external financing needs increased by 0.1 pp. This was mainly explained by a reduction in financing capacities of non-financial corporations (2.3 pp) and increased financing needs of financial corporations (0.4 pp). These changes were offset by lower net financing needs of the General Government (1.5 pp) and higher financing capacities of households (1.1 pp).

Graph 2. Explanation of the Change in the Colombian Economy’s Saving-Investment Balance by Institutional Sector, Q4 2023 - Q4 202

General Government: 1.5 pp. Households: 1.1 pp. Colombian Economy (current account): -0.1 pp. Financial Corporations: -0.4 pp. Non-Financial Corporations: -2.3 pp.

Source: Banco de la República - Financial Accounts

2. By Financial Instrument / Net External Financing

The negative quarterly saving-investment balance of the Colombian economy was covered by net external financing flows equivalent to 1.7% of quarterly GDP. Net inflows of financial resources from the rest of the world were mainly channeled through foreign direct investment and other equity investments (F5) at 2.7%, net issuance of debt securities (F3) to the rest of the world at 2.5%, and the net inflow of loans (F4) from the rest of the world equivalent to 0.7%. This was offset by the net accumulation of currency and deposits abroad (F2) at 4.3% of quarterly GDP.

Graph 3. Net External Financing of Colombia’s Saving-Investment Balance by Financial Instrument, Q4 2023 - Q4 2024

The vertical axis of the graph represents the percentage of quarterly GDP, ranging from -3.0% to 4.0%. It exhibits the performance by financial instrument from Q4 2023 to Q4 2024. For the last quarter, currency and deposit operations grew significantly from -1.7% in the previous quarter to 4.3%; debt securities decreased from 3.5% in the previous quarter to -2.5%; loans, as well as equity and investment fund shares, remained in deficit.

Source: Banco de la República - Financial Accounts

Compared to Q4 2023, the increase in external financing flows of 0.1 pp was mainly explained by the change in financial flows of debt securities (F3) by 2.9 pp and higher inflows from direct investment and other equity investments (F5) by 0.9 pp. This was offset by the net outflow of capital towards deposits (F2) abroad by 1.7 pp and a lower external acquisition of loans (F4) by 1.0 pp.

Graph 4. Explanation of the Change in the Colombian Economy’s Financing Needs by Financial Instrument, Q4 2023 - Q4 2024

Currency and deposits: 1.7 pp. Other accounts receivable/payable: 1.1 pp. Loans: 1.0 pp. Insurance, Pension, and Standardized Guarantee Schemes: -0.1 pp. Monetary Gold and Special Drawing Rights: -0.1 pp. Colombian Economy: -0.1 pp. Equity and Investment Fund Shares: -0.9 pp. Debt Securities: -2.9 pp.

Source: Banco de la República - Financial Accounts

Financial Account Balances for the Fourth Quarter of 2024

1. Net Financial Position by Institutional Sector

At the end of the fourth quarter of 2024, the Colombian economy recorded a net debtor position with the rest of the world equivalent to -52.8% of annual GDP. This was composed of the net debtor position of non-financial corporations (-85.6%) and the General Government (-40.9%). This was partially offset by the net creditor positions of households (63.5%) and financial corporations (10.1%).

Compared to the fourth quarter of 2023, there was a 6.2 pp reduction in the external debtor position of the economy, explained by the reduction in the net debtor position of non-financial corporations (10.8 pp). These changes were partially offset by an increase in the net debtor position of the General Government (5.0 pp) and a decrease in the net creditor position of households by 0.3 pp.

Graph 5. Colombia’s Net Financial Position by Institutional Sector, Q4 2023 – Q4 2024 (percentage of annual nominal GDP*)

* Corresponds to the rolling sum of quarterly GDP for the last 4 periods.

The vertical axis of the graph represents the rolling sum of the last four quarters of the percentage of GDP, ranging from -100% to 70%. It exhibits the performance by institutional sector from Q4 2023 to Q4 2024. For the last quarter, no notable changes were observed in the net financial position of the sectors compared to the previous quarter; the position of the Colombian economy was close to -52%.

Source: Banco de la República - Financial Accounts

2. Net External Position by Financial Instrument

At the end of the fourth quarter of 2024, the net debtor position of the Colombian economy with the rest of the world, equivalent to -52.8%, was mainly represented by equity and investment fund shares (F5) at -40.1% and loans (F4) at -22.6% of annual GDP. This was partially offset by Colombians’ foreign holdings of currency and deposits (F2) and debt securities (F3) at 6.1% and 2.5%, respectively.

Compared to the fourth quarter of 2023, the reduction in the net debtor position of the economy by 6.2 pp was mainly due to the decrease in the net debtor position through equity and investment fund shares (F5) by 6.0 pp, along with the higher foreign holdings of deposits (F2) and debt securities (F3) by 1.2 and 1.1 pp, respectively. This variation was partially offset by a higher level of debt through loans (F4) by 1.8 pp.

Graph 6. Net External Financial Position of the Colombian Economy by Financial Instrument, Q4 2023 – Q4 2024 (percentage of annual nominal GDP*)

* Corresponds to the rolling sum of quarterly GDP for the last 4 periods.

The vertical axis of the graph represents the rolling sum of the last four quarters of the percentage of GDP, ranging from -60% to 10%. It exhibits the performance by financial instrument from Q4 2023 to Q4 2024. For the last quarter, no notable changes were observed in the external financial position of the instruments compared to the previous quarter; the position of the Colombian economy was close to -53%.

Source: Banco de la República - Financial Accounts

National Financial Accounts Bulletin by Institutional Sector published until now (available since 2024)