Dane confirms that the financial system is rising within the nation

The Colombian financial system confirmed indicators of slowdown in August, with a enlargement of two.02% every yearconsistent with the Dane Financial system Tracking Indicator. This building up happens after a notable rebound in July and is located in a context the place, thus far this yr, the financial system has grown via 1.92%exceeding the Govt’s legitimate expectation of one.8% enlargement via 2024.

The figures disclose that the industrial actions that almost all promoted this enlargement have been the main ones, highlighting agriculture and miningwith a notable enlargement of 8.5% within the agricultural sector. Tertiary actions, together with services and products, transportation and business, additionally performed a key function on this sure efficiency. Alternatively, the outlook isn’t solely encouraging, as secondary actions, which surround the business, skilled a drop of one.39%, coinciding with a common decline in business manufacturing all the way through August.

President Gustavo Petro celebrated the consequences on his X account, emphasizing that “the excellent news for the Colombian other folks does no longer forestall.” He highlighted the significance of enlargement within the agricultural sector as a sign of the path in opposition to a brand new financial system, inquisitive about rural productiveness.

Confronted with those demanding situations and alternatives, the Colombian Govt is imposing an financial reactivation plan. One of the crucial first movements was once the release of the ‘Pact for credit score’ in collaboration with huge banks, which seeks to facilitate get entry to to financing. To this point, of the 55 billion pesos projected in loans, simplest 3 billion had been distributed, consistent with knowledge from Asobancaria and Dane.

Taking a look to the long run, the release of 2 new pacts is deliberate: the “Pact for microcredit”, in affiliation with Asomicrofinanzas, and the “Pact for the democratization of credit score” with financial savings and credit score cooperatives. Those tasks search to improve get entry to to financing for sectors that experience historically confronted limitations, as a way to stimulate financial enlargement and mitigate the results of the slowdown.