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The Sustainability Report presents topics related to corporate governance and institutional performance of Banco de la República regarding economic, social and environmental issues. This report intends to strengthen the efforts made by the Central Bank on transparency and accountability addressed…

The construction of coincident indexes for the economic activity of a country is a common practice since the fifties. The methodologies vary from heuristic methods to probabilistic or statistical ones. In this paper, we present a new procedure for estimating a coincident index of the state of the…

According to the Economic Activity - Balance of Payments.  In millions of U.S. dollars, annualy since 1994 & quarterly since 1996

In the third quarter of 2023, economic activity in the Coffee Region continued to decline annually, given the persistent weakness of demand due to high prices, high interest rates, and reduced  spending capacity. Industrial production and sales decreased, as well as in vehicle and motorcycle…

In the third quarter, the Bogotá region (Bogotá and Cundinamarca) continued to show a low performance in the annual comparative due to the weakening of domestic demand, persistent inflation, and high financial costs. Industry and commerce contracted due to the high annual comparison basis, the…

The Caribbean region’s economy continued to decelerate in the third quarter, with annual declines in several economic indicators primarily due to weakening demand and the lingering statistical effect of a high comparison base. In terms of activity, industrial production contracted, hindered by high…

In the third quarter, the Central Region’s economy declined in its annual comparative due to a deterioration in demand and high interest rates. Industry saw a deepened decline from previous months due to lower sales, while agricultural production, passenger transportation, and construction all…

In the third quarter, the northeastern economy exhibited a further slowdown in annual growth due to an adjustment in domestic demand, in a context of high interest rates and inflation. There were decreases in retail sales, hotel occupancy, and energy consumption. The variables related to…

The economy in the Northwestern region slowed sharply in the third quarter of 2023. Higher interest rates, persistent inflation, and uncertainty contributed to the weakening of aggregate demand. On the one hand, industry and commerce experienced their most significant falls since the beginning of…

The southwestern economy deteriorated in the third quarter of 2023 vis-a-vis the same period of the previous year, as reflected in the different sectoral leading indicators available. The primary drivers behind the economic contraction were lower domestic demand (adversely affected by high interest…

The southeastern economy showed a fall in the annual comparative in most of its activities during the third quarter of 2023. There were declines in construction activity indicators such as approved and in-process areas, new housing sales, and gray cement shipments. In the livestock sector, there…

Real retail sales grew in the region, surpassing the national average. This performance was driven by higher household income, improved business and consumer confidence, and favorable credit conditions. The automotive sector led the gains, driven by sales of hybrid and electric vehicles, while the…

The increase in the number of employed people and the constant flow of remittances strengthened households’ disposable income, supporting more dynamic private consumption, particularly in domestic trade, vehicle purchases, and the demand for accommodation services and durable goods.

Industrial output in Caldas, Risaralda, and Tolima increased, driven by a positive performance in food and beverage output. In Risaralda, textile and apparel clusters also stood out, along with other manufacturing activities, the latter driven by higher motorcycle assembly, in line with rising…

Commercial activity continued to grow during the third quarter, with notable increases in sales in Santander led by vehicles, technological equipment, and cultural and entertainment products. The rebound was driven by improved inventories, incentives, and greater consumer confidence, reinforcing…

Retail trade in Antioquia grew above the national average, driven by higher consumer confidence, improved household financial conditions, increased remittances and tourism inflows, and commercial strategies. Most segments increased, with durable goods such as vehicles and motorcycles standing out,…

The agricultural and livestock output declined due to reduced planted areas and excessive rainfall in some zones, although an increase was observed in processed palm fruit. Livestock activity expanded due to stronger demand for cattle, while pig production contracted due to lower animal supply and…

Domestic consumption increased, supported by a greater flow of remittances and access to credit, which stimulated purchases of durable goods, particularly motorcycles and technological equipment. This performance emerged within the context of declining unemployment and improved consumer confidence…

Place of birth: Bogotá, D. C. Date of Birth:16 February 1973 Profession: Economist

By virtue of its administrative and financial autonomy, Banco de la República (the Central Bank of Colombia) has its own independent patrimony and is subject to its legal framework, contemplated in Articles 371 to 373 of the Political Constitution, Law 31 of 1992 and its Bylaws, issued by Decree…