National Financial Accounts Bulletin by Institutional Sector – Second Quarter 2026

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

Publication Date:

Financial Flows for the second quarter of 2026

1. By institutional sector

According to the Financial Accounts calculated by Banco de la República (the Central Bank of Colombia), in the second quarter of 2026, the current account deficit of the Colombian economy reached 2.8% of quarterly Gross Domestic Product (GDP), compared to 1.8% in the same period of 2025. This was reflected mainly in the deficits of the General National Government (6.4%) and financial corporations (0.6%). The surpluses of households (3.7%) and non-financial corporations (3.0%) partially offset the overall deficit.

Graph 1. Current Account Deficit of the Colombian Economy and Savings and Investment Balances by Institutional Sector, Q2 2025 – Q2 2026
Grouped bar and line graph with the vertical axis showing percentages of quarterly GDP and the horizontal axis showing the evolution of the deficit between the second quarter of 2025 and the second quarter of 2026. The bars represent the saving-investment balances of five institutional sectors: non-financial corporations (S11), financial corporations (S12), General National Government (S13), households (S14), and non-profit institutions (S15). The orange line represents the balance of the Colombian economy. Throughout the period, the Colombian economy records a current account deficit of around 2.0% of GDP, with a deterioration in the fourth quarter of 2025 (approximately −3.0%) and an improvement in the first quarter of 2026 (around −1.5%). Households consistently record positive surpluses, ranging from approximately 2.5% to 5.0% of GDP. General National Government records deficits in all quarters, with a deficit of close to 20% of GDP standing out in the fourth quarter of 2025. Non-financial corporations show volatility: a deficit of around −5.5% in the first quarter of 2025, a surplus close to 13% in the fourth quarter of 2025, and a moderate deficit in the first quarter of 2026. Financial corporations remain close to zero, alternating between small deficits and surpluses. Non-profit institutions remain in balance throughout the entire period.
Source: Banco de la República - Financial Accounts

Compared to the second quarter of 2025, the economy’s consolidated external financing needs increased by 0.9 percentage points (pp), as reflected in the internal and external financing flows of institutional sectors. In this regard, the lower financing capacity of households (−2.4 pp) and the greater financing needs of General National Government (−1.9 pp) contributed to the increase in the aggregate deficit, while the greater financing capacity of non-financial corporations (2.2 pp) and the lower financing needs of financial corporations (1.2 pp) mitigated the increase in the total deficit.

Graph 2. Explanation of the Change in the Colombian Economy’s Saving- Investment Balance by Institutional Sectors, Q2 2025 – Q2 2026
Horizontal bar graph. The horizontal axis shows the contribution to the change measured in percentage points (pp), with values ranging from −3.0 to 3.0. The graph compares the contribution of different institutional sectors to the change observed between the second quarter of 2025 and the second quarter of 2026. Positive contributions correspond to non-financial corporations (2.2) and financial corporations (1.2), while negative contributions correspond to the Colombian economy (current account) (−0.9), General National Government (−1.9), and households (−2.4).
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 2.8% of quarterly GDP. Net inflows of financial resources from the rest of the world were mainly channeled through the issuance of equity investments (3.2%) and the reduction in deposits abroad (5.5%). In turn, the lower net holdings of securities (6.8%) by foreigners contributed to reducing the deficit.

Graph 3. Net External Financing of Colombia’s Saving-Investment Balance by Financial Instrument, Q2 2025 – Q2 2026
Grouped bar and line graph whose vertical axis represents percentages of quarterly GDP and whose horizontal axis shows the evolution of financing between the second quarters of 2025 and 2026. The orange line represents the balance of the Colombian economy, which maintains a deficit close to 2.0% of GDP, with the largest deficits in the fourth quarter of 2025 and the second quarter of 2026 (−2.8%). The bars show the contribution of different financial instruments, with the most notable flows corresponding to cash and deposits, with a balance close to 4.5% in the third quarter of 2025 and −5.5% in the second quarter of 2026. Debt securities show outflows in all quarters, particularly in Q3 2025 and Q1 2026 (around −4.5% and −3.1% of GDP), except in the second quarter of 2026, when they show an inflow of close to 7.0%. The other instruments show smaller variations, generally between −1.5% and 2.0% of GDP.
Source: Banco de la República - Financial Accounts

Compared with the figures for the second quarter of 2025, the higher external financing inflows of 0.9 pp were mainly explained by the change in deposit flows (6.1 pp) and loans (1.7 pp), and the greater issuance of equity investments (1.7 pp). The change in the flow of securities (8.8 pp), in the opposite direction to that of these instruments, partially mitigated the increase in external financing needs.

Graph 4. Explanation of the Change in the Financing Needs of the Colombian Economy by Financial Instrument, Q2 2025 – Q2 2026
Horizontal bar graph. The horizontal axis shows contributions measured in percentage points (pp), with values ranging from −8.0 to 10.0. The graph shows the contribution of different financial instruments to the change observed in the financing needs of the Colombian economy between the second quarter of 2025 and the second quarter of 2026. The only positive contribution corresponds to debt securities, at 8.8. Other accounts receivable and payable stand at 0.0. The other instruments show negative contributions: monetary gold and special drawing rights, −0.1; insurance, pension, and standardized guarantee schemes, −0.1; Colombian economy, −0.9; loans, −1.7; equity and investment fund shares, −1.7; currency and deposits, −6.1.
Source: Banco de la República - Financial Accounts

Financial Account Balances for the second quarter of 2026

1. Net financial position by institutional sector

At the end of the second quarter of 2026, the Colombian economy recorded a net debtor position with the rest of the world equivalent to −39.7% of annual GDP. The sectors with net debtor positions were non-financial corporations (−66.7%) and the General National Government (−46.5%). In contrast, households (66.6%) and financial corporations (6.7%) recorded net creditor positions.

Between the second quarters of 2025 and 2026, the economy’s net external debtor position remained at −39.7% of annual GDP. Within the economy, resident sectors changed their positions. On the one hand, non-financial corporations (5.8 pp) reduced their net debtor position, while households (2.7 pp) and financial corporations (1.4 pp) reduced their net creditor position. Additionally, General National Government (1.7 pp) increased its net debtor position.

Graph 5. Colombia’s Net Financial Position by Institutional Sector, Q2 2025 – Q2 2026 (percentage of annual nominal GDP*)
* Corresponds to the rolling sum of quarterly GDP for the last 4 periods
Grouped bar and line graph whose vertical axis shows percentages of annual GDP, calculated as the rolling sum of the last four quarters. The horizontal axis shows the evolution of the net financial position between the second quarter of 2025 and the second quarter of 2026. The bars correspond to four institutional sectors. Households maintain the highest creditor position, with values close to 70% of GDP. Financial corporations also record positive positions, close to 10%. In contrast, non-financial corporations have the most significant debtor position, with levels around −70%. General National Government maintains a negative net position in all quarters, fluctuating around −45%. The orange line represents the net position of the Colombian economy. This remains negative and relatively stable throughout the period, at around −40% of GDP.
Source: Banco de la República - Financial Accounts

2. Net external position by financial instrument

At the end of the second quarter of 2026, the net debtor position of the Colombian economy with the rest of the world, equivalent to −39.7% of annual GDP, was represented mainly by equity investments (−27.6%), loans (−15.3%), and debt securities (−1.7%). This was partially offset by Colombians’ foreign holdings of deposits (3.9%).

Between the second quarters of 2025 and 2026, the economy’s net debtor position remained at −39.7% of annual GDP. This stability was reflected in the higher debtor position in equity investments (3.7 pp) and the lower creditor position in securities (1.0 pp). At the same time, debtor positions in loans (4.0 pp) and debt securities (0.3 pp) decreased.

Graph 6. Net External Financial Position of the Colombian Economy by Financial Instrument, Q2 2025 – Q2 2026 (percentage of annual nominal GDP*)
* Corresponds to the rolling sum of quarterly GDP for the last 4 periods
Grouped bar and line graph whose vertical axis shows percentages of annual GDP, calculated as the rolling sum of the last four quarters. The horizontal axis shows the evolution of the net external financial position between the second quarter of 2025 and the second quarter of 2026. The orange line indicates the position of the Colombian economy, starting at around −40% of GDP, improving to about −36% in the third quarter of 2025, and then gradually deteriorating to return to around −40% at the end of the period. The bars represent the contribution of seven financial instruments. The largest negative values correspond to equity and trusts, at levels close to −23% and −28%, respectively, and to loans, between approximately −15% and −20%. Debt securities also show negative positions throughout the period, at around −3.0%. As positive contributions, cash and deposits maintain a stable creditor position, at around 5.0%. Monetary gold and special drawing rights (SDRs) show small positive values, below 1.0%. Insurance and pension instruments record slightly positive positions close to 0.5%, while accounts payable and receivable show values close to zero and slightly negative.
Source: Banco de la República - Financial Accounts

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