During the third quarter of 2021, the interannual variation rate of the Colombian GDP registered a decrease compared to the previous quarter, registering a rate of 12.93%, being 4.06 p.p. lower than the one reported in the previous quarter. In the labor market, the unemployment rate increased during the third quarter of 2021 reaching 12.91, which remains several points above the average of Latin American countries. Regarding the exchange rate, the Colombian peso recorded a 2.90% depreciation against the US dollar compared to 2Q21, to an average nominal exchange rate of 3,836 Colombian pesos per dollar. Finally, the year-on-year CPI growth rate stood at 4.31%, after registering an increase over the previous quarter.


Macroeconomic outlook report: Colombia 3Q21

Watch video

Macroeconomic overview

  • During the third quarter of 2021, Colombian GDP registered a 4.06 p.p. decrease in its year-on-year GDP variation rate, presenting a year-on-year GDP growth rate of 12.93%. Despite this decline, Colombia's growth in 3Q21 was above the Latin American GDP average of 10.47%.
  • In the labor market, the unemployment rate decreased during 3Q2021 to 12.91%, a variation of 2.12 percentage points with respect to the rate recorded in the previous quarter. However, unemployment remained several points above the average for Latin American countries.
  • The Colombian peso depreciated 2.90% against the US dollar during 2Q21 compared to the previous quarter. Thus, the average nominal exchange rate for the second quarter of the year was 3,836 Colombian pesos per dollar.
  • The year-on-year CPI growth rate stood at 4.31%, after registering an increase of 1.35 p.p. with respect to the previous quarter.

For more information, click here to access the executive document in pdf (only avalaible in Spanish).