Month by month the dynamics of the economy has been showing a more modest behavior, and the figures for November, revealed yesterday by the Danereaffirmed the path of deceleration that the activity is experiencing economy in Colombia.
The Indicator Monitoring the Economy (ISE) reported that in the eleventh month of 2022 there was an annual growth of 3% in economic activity, the lowest of all of last year, while the month-on-month data registered a drop of -0.1%.
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“The ISE to November shows us that the national economy continues to slow down gradually. But the important thing is that it continues to grow at the margin, that is, when looking at the previous month it contracted little. This was predictable, and let’s hope it continues that way, it’s what we call a ‘soft landing’”, explained Sergio Olarte, chief economist at Scotiabank Colpatria.
On the other hand, the economist Carlos Felipe Prada, mentioned that less and less dynamism is observed, although we are in positive figures.
“The economy had not been growing at the same rate as in 2022, and it is already beginning to be seen that economic activity is slowing down, but at no time is there talk of a recession. That would imply negative annual growth.” clarified.
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From the Dane, it was also announced that the annual accumulated to November stood at 8.1%, which sheds light on how the data could close for the whole year.
Unlike other months in which the Commerce has stood out among the main protagonists, in November they were the entertainmentconstruction and manufacturing the ones that contributed the most.
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The first of them registered a growth of 46.9% in relation to November 2021, and this led the sector to contribute 1.6 points to the total variation of 3%.
According to the director of the DanePiedad Urdinola, the sector maintained significant dynamism due to gambling and the reactivation of events throughout the year 2022, and in November they were once again boosted by some specific events in the calendar.
“Online gambling was one of the things that we lost our fear of doing virtually in the pandemic and it was something that stayed. The number of transactions continued to be dynamic in November, and also driven by events such as the Soccer World Cup, and the round of 16 of the Colombian Cup”, Indian.
In the case of concerts and works of theaterother of the most important promoters of the branch, urdinola highlighted the impact of the concerts by Juan Luis Guerra, Bad Bunny and Harry Styles, it was renewed by several plays and sporting events such as the final home runs of the League colombian.
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construction, for its part, it contributed 0.5 points to the variation, and registered a variation of 3.9%. This, according to urdinolawas explained especially by non-residential buildings, such as works in premises and warehouses, especially on the Caribbean coast and the Andean region.
Manufactures, for their part, contributed 0.4 points, and grew 6.2% in their annual variation, by sectors such as the manufacture of chemical products and substancesdetergents and cleaning implements, which according to urdinolaare being exported to neighboring countries, and also due to the production of meat in preparation for the December season, which saw an increase in the month.
Andi’s president, Bruce MacMasterassured that the ISE figures “they reflect the recovery of the productive apparatus compared to what happened in previous years, but also a moderation of the growth which will be reflected in the GDP result at the end of the year and in a projected slowdown in 2023”.
LAURA LUCIA BECERRA ELEJALDE
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