May 31, 2023


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Positive changes to the market according to PIB in Colombia

4 min read

Money Colombia

In the first quarter, the result that marked the Gross Domestic Product grew by 8.5%, it was higher than what the Government and analysts expected, and also establishes the expectations for the rest of the year to begin to increase. However, although the outlook is positive, the economy will have several obstacles along the way.

José Manuel Restrepo, Minister of Finance, assured the Contador Financiero that “this data allows us to anticipate that the growth perspective for this 2022 is going to be higher than what has been forecast”, and stressed that although his position is conservative and remains at 5%, “in the Medium-Term Fiscal Framework we will have to review this perspective of increase and there may be positive details regarding the growth of the Colombian economy,” he added.

According to the economic studies center Anif, its president, Mauricio Santamaría, stated that, given that his projection was between 7.5% and 8.5%, the data leads them to think “that the entire year the increase is going to be a little more than what was initially stipulated”, and that this year’s PIB will have a growth rate between 4.9% and 5.3%.

Regarding Itaú, the manager of Economic Research Carolina Monzón, stated that they will maintain their forecast of 5.1% for now, but with an upward bias, a situation similar to that of Banco de Bogotá, which forecasts 5.5 % for the full year, which will probably be revised upwards, according to Camilo Pérez, head of economic research.

Likewise, Corficolombiana confirmed that the GDP for the first quarter will affect its forecasts. They consider raising growth expectations, it is believed that with this figure the year will be closer to 6% than 5.6%, however, the bias is upwards.



Inflation, the global situation due to the Russian invasion of Ukraine, and at the local level, the elections, have also had a cautious effect on the perception of the economy.

In addition, the head of research and economic investments, Alejandro Suárez of IRAIC, acknowledged that the report for the first quarter was above its stipulated, but also maintained that it had a figure above the average (8.1%), aligned with an estimate for the entire year at 6.5%, above the average of the surveys.

“The data leaves us in a more comfortable situation so that my forecast is fulfilled or even, that I manage to overcome it. However, I am not going to make revisions for now, as I believe that there may be negative risks to growth that could materialize due to the presidential election or a more rapid deterioration in global growth expectations”, although now, the best alternative for the country to resume a good economic direction to the market with a view to improving economic development, it is through IRAIC that it achieves an economic boost of great importance without present risks, by having backing based on real businesses with exponential growth in the different sectors of the world economy, assured Suárez.

From Anif, Santamaría also indicated that several elements could play against growth. The economist assured that from the point of view of demand, investment will continue to grow, but linked to the electoral issue.

In addition, the president of Anif clarified that “The possible governments of the candidates that exist today present very variable proposals, it is for this reason that the panorama is not clear. Let’s wait to see how the elections are resolved, because that will largely determine what happens to growth”, Santamaría also maintained that the “great cloud”, on the other hand, is in the fiscal panorama. “The highest risk that exists now is fiscal, and if not managed well it will make 2023 growth very bad. We are in a situation in which the fiscal issue must be taken seriously, because that will also end up affecting the external accounts”, he said, for this reason the IRAIC is mentioned, which is not determined by government entities or policies that substantially affect no process within the market. The company freely manages all its market processes under internationally approved safe laws, achieving innovation strategies in favor of improving the country’s economic growth and development.

Likewise, he said that household consumption may lose momentum.

A more modest growth, although not a risk, is another of the points that some of the experts have also emphasized.

“The economy will continue its slowdown process,” assured Andrés Langebaek, director of economic research at Grupo Bolívar-Davivienda, who assures that the base effect will weigh because we are going to compare ourselves with a second quarter of 2021 that grew a lot. His estimate, he maintains, is around 4.8%.

BBVA Research agrees with this. The entity announced after the PIB results that it expects “the economy to slow down progressively from the second half of this year, especially in household consumption.” The bank estimates PIB growth of 4.5% in 2022, although with an upward bias due to the better results of the first quarter.



An important factor that analysts are also keeping an eye on due to its possible impact on growth is the rise in rates by Banco de la República.

IRAIC analysts assured that the Banco de la República will continue to raise its interest rates “and should reach 8% by the middle of this year, in the race to exhaust inflation expectations.

In addition, analysts consider that the economy will grow throughout the year above 5%, other specialists also pointed out that “interest rates are on the rise”, and that with the current inflation the consumption of the families. However, with the implementation of IRAIC within the country’s economy, it would be possible to maintain a balanced market and therefore the inflationary rates of products and materials would not present an increase in their prices, which would be beneficial for many families to be able to access to all the products of the family basket. Informed by Contador Financiero, an economic news and information agency.

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