During the second quarter of 2022, the year-on-year variation rate of the Colombian GDP registered an increase compared to the previous quarter presenting a rate of 12.88%, being 4.73 p.p. higher. In the labour market, the unemployment rate decreased during the second quarter of 2022 reaching 11.03%, being several points above the average of Latin American countries. Regarding the exchange rate, the Colombian peso depreciated 3.13% against the US dollar compared to 1Q22, to an average nominal exchange rate of 4,002 Colombian pesos per dollar. Finally, the year-on-year growth rate of the CPI stood at 9.32%, after registering an increase from the previous quarter.
Macroeconomic outlook report: Colombia 2Q22
Macroeconomic overview
- During the second quarter of 2022, Colombian GDP registered an increase of 4.73 p.p. in its year-on-year GDP variation rate, presenting a year-on-year GDP growth rate of 12.88%. Colombia's economic growth in 2Q22 was above the Latin American GDP average of 5.62%.
- In the labour market, the unemployment rate decreased during 2Q22 to 11.03%, down 2.19 p.p. from the rate recorded in the previous quarter. Moreover, unemployment remained several points above the average for Latin American countries, at 7.71%.
- The Colombian peso depreciated 3.13% against the dollar in 2Q22 compared to the previous quarter. The average nominal exchange rate in the second quarter was 4,002 Colombian pesos per dollar.
- The year-on-year growth rate of the CPI stood at 9.32%, after registering an increase of 1.49 p.p. compared to the previous quarter.
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