Colombia: Economic activity swings into contraction in June
Economic activity dropped 1.1% year on year in June (May: +2.4% yoy). The figure marked the joint-worst reading since September 2023 and fell notably short of market expectations. June’s downturn was broad-based and largely reflected a less favorable base of comparison due to the Easter holiday season. Looking at the details of the release, agricultural and services sector output swung into contraction, and the industrial sector posted a sharper decline.
Accordingly, annual average economic activity growth fell to 0.8% in June (May: +1.0%), pointing to a worsening trend. On a seasonally adjusted monthly basis, economic activity fell at a more pronounced rate of 1.9% in June (May: -0.5% mom), the joint-worst result since November 2022.