Bancolombia, through an analysis of its clients’ banking transactions for the month of May using the NowCast method, has revealed a serious economic situation for Colombia, observing a worrying slowdown through transaction data.
The report notes that the economy’s stagnation has deepened, with growth of just 0.1% in the “moving quarter ending in May” – that is, between March and May, the economy grew by only 0.1%, indicating clear stagnation. Based on the data, the institution has reduced its growth projections for the second quarter to a modest 0.5%.
The study shows that when comparing May and April, the economy showed a slight decline, results that are below the 1.1% growth projection that Bancolombia had predicted in March, and well below the 1.2% expected by analysts on average.
On the other hand, he emphasized that 8 of the 12 economic sectors showed a worse performance in May compared to April, particularly the declines observed in the sectors: manufacturing (-3.2%), construction (-9.4%), trade (-5.3%) and financial (-4.5%).
In this regard, the bank stated: “The sectoral balance at the end of May reflects a panorama of generalized deceleration,” revealing a dramatic scenario with a negative trend facing the Colombian economy.
See the full report at the following link:
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