Banco de la República published a new update of its regional economic bulletins, a quarterly delivery in which the Issuer analyzes the characteristics of the country’s regions, according to the Issuer’s own classification, which divides Colombia into eight zones. The documents highlight the main sectors that moved the local economy in the last quarter of 2021 and throughout the year.
BOGOTA
in the capital and Cundinamarca the Issuer highlights how in the last part of 2021 the region showed annual growth in productive activities, remittances and foreign trade. The industry increased 16% in Bogota in the period and 12.3% in Cundinamarca, remittances stood out because they exhibited high historical income, registering an annual variation of 25.3%.
(The regional map of the revival).
Despite this, the document mentions that “In the region, challenges were observed in inventory management, the postponement of sales and cost increases. The unemployment rate continued to improve, while inflation presented upward pressures”.
THE COFFEE AXIS
For Caldas, Quindío and Risaralda The Issuer highlighted how in the last quarter of 2021 there was a significant annual improvement in most of the indicators.
“Real production and sales of the industrial sector, unregulated energy consumption, manufacturing exports and raw material imports stood out”. In the last quarter in Caldas, the average variation in production was 9.5%, sales 6.1% and employment 5.4%.
CENTRAL ZONE
On Caqueta, Huila and Tolima, the central region, highlights the construction, supply of agricultural products, pig slaughter, hotel occupancy and transportation services, given the normalization of business.
(Bolívar, Atlántico and Valle lead the recovery from the regions).
According to information from the Dane building census, referenced by BanRep, the area under construction showed a growth of 9.7% compared to what was registered in the same period of 2020.
CARIBBEAN COAST
The region brings together the dynamics of Atlántico, Bolívar, Cesar, Córdoba, La Guajira, Magdalena, San Andrés and Providencia and Sucre. Domestic trade stood out in them, despite the fall in the sale of new vehicles; industry, especially chemicals, pharmaceuticals and plastics; construction, due to progress in the area caused and in process; agriculture, driven by the greater volume of agricultural products dispatched from the region and the increase in the slaughter of cattle and pigs; and transportation, due to the greater movement of passengers and cargo.
NORTHWEST
Antioquia and Choco make up another of the zonal groups reviewed by the Issuer.
Industrial production and retail trade sales stood out in Antioquia, driven by demand. In turn, growth in hotel occupancy and transportation continued. Meanwhile, the indicators for construction in general slowed down, while those for the agricultural sector contracted for the most part.
NORTHEAST
Among Arauca, Boyaca, North Santander and Santanderthe economic activity, according to the Issuer, “It maintained annual growth during the fourth quarter of the year, but it slowed down compared to the previous quarter, in line with a less accentuated base effect.” In the regional aggregate, in the fourth quarter the economic activity of the Northeast presented an annual increase close to 5.8%.
SOUTHEAST
At the end of the fourth quarter of 2021, the Southeast region reported negative annual results in some of its main economic activities. In this way, reductions were evidenced in the agricultural sector, particularly in rice production and in the slaughter of cattle and pigs; as well as under construction in variables of approved area and sale of new housing. There was growth in electricity consumption, vehicle and motorcycle trade, hotel occupancy and air transport. This region groups Amazonas, Casanare, Guainía, Guaviare, Meta, Vaupés and Vichada.
SOUTHWEST
On Cauca, Nariño, Putumayo and Valle del Caucathe Bank document mentions that the local economy “solidly continued its recovery in the fourth quarter of 2021”and which showed a rapid recovery in the face of the adverse circumstances of the second quarter of the year.
(Regional competitiveness, key to sustainable development).
According to Dane trade figures, in the fourth quarter of 2021 retail sales in the Valley (including vehicles) increased 8.0% annually in real terms. Other sectors that stand out in the region for the quarter are the increases in manufacturing production and construction, in addition to the higher income from remittances from abroad, which exceeded by a third those of the previous year and facilitated improving the standard of living of recipient households.
LAURA LUCIA BECERRA ELEJALDE
