In February 2026, Colombia’s unemployment rate stood at 9.2%, a decrease of 1.1 percentage points compared with the same month in 2025 and the lowest figure for a February since 2001, according to the government through the National Administrative Department of Statistics (DANE).

According to the report, “at the national level, the employed population increased by 624,000 people compared with the previous year.” The sectors that contributed most to job creation were professional, scientific and technical activities, with 250,000 new positions, and the public sector (administration, education and health), with 244,000. In contrast, agriculture lost 363,000 jobs and the transportation sector 86,000 compared with February 2025.

President Gustavo Petro highlighted the result on his X account, stating that “we return to a single-digit unemployment rate, 9.2%, the lowest since 2018. More reasons not to accept the mistake of the right parties in claiming that raising the minimum wage to a living wage would bring an employment catastrophe. That was not true: we have the lowest unemployment of this century for the month of February.” The president also defended the minimum wage increase, which reached 23.7%, the highest recorded in the country.

Volvemos a un dígito de tasa de desocupación, 9,2%, la más baja desde el 2018.

Más razones para no aceptar la equivocación de la derecha al afirmar que el subir el salario mínimo al nivel del salario vital traería una catástrofe del empleo.

No fue cierto, tenemos el menor… https://t.co/vXz7Muv3f0 pic.twitter.com/Jx7RBeIWLb

— Gustavo Petro (@petrogustavo) March 30, 2026

Downward trend in unemployment

When analyzing the December–February rolling quarter, the unemployment rate stands at its lowest level in the past ten years, according to DANE reports. The figure rose from an average of 10.7% in 2017–2018 to a peak of 15.7% in 2020–2021, a period marked by the impact of the COVID-19 pandemic, before declining steadily to 9.2% in February 2026.

For the same period in 2025, the rate stood at 10.4%, representing a reduction of more than one percentage point.

These figures are consistent with estimates by the International Labour Organization (ILO) in Colombia, which had projected a gradual decline in unemployment from around 16% in 2020 to an estimated 8.3% for the previous year.

Chart showing unemployment in Colombia from February 2016 to February 2021, including the presidents in office during that period. Image shared by Pacto Histórico Representative David Racero.

Gaps and challenges in the labor market

Despite the overall improvement, the DANE report also highlights challenges in terms of labor inclusion. In February 2026, the unemployment rate for men was 7.4%, while for women it reached 11.7%, representing a gender gap of 4.3 percentage points.

However, the government noted that this gap has been narrowing, as it stood at 5.2 percentage points in the previous month.

The data come from “The Great Integrated Household Survey” (La Gran Ecuesta Integrada de Hogares – GEIH), DANE’s statistical instrument that provides information on the labor market, income, monetary poverty and the sociodemographic characteristics of Colombia’s population.

According to data from Migración Colombia, analyzed by the Ministry of Commerce, Industry and Tourism (MinCIT), Colombia saw 367,585 non-resident foreign visitors in June 2025. This figure marks a 2.1% increase compared to the 359,923 arrivals in June 2024 and a more substantial 12.2% rise from June 2023.

The United States remains the largest source of visitors, accounting for 31% of all arrivals. The government also highlighted significant year-over-year growth from other key markets in June, with a 23% increase in visitors from Brazil, 19% from Spain, and 11.6% from Mexico.

Bogotá’s El Dorado International Airport remains the primary port of entry, receiving 37.2% of international visitors. Medellín’s José María Córdova International Airport followed with 26%, and Cartagena’s Rafael Núñez International Airport accounted for 16.7%.

Despite a slight 1.9% decrease in overall air traffic in May 2025, international air travel grew by 5.8% compared to the same month in the previous year. Between January and May 2025, Colombian airports handled 22.3 million passengers, with 9.7 million on international flights, representing a 2.3% increase over the same period in 2024.

The hotel sector has also shown modest gains. According to the national statistics agency, DANE, hotel occupancy reached 47.3% in May 2025, a slight increase of 0.7 percentage points from May 2024. Bogotá led with a 58.7% occupancy rate, followed by San Andrés at 57.3% and Cartagena at 56.6%.

Infrastructure Under Strain

The celebratory tone of the government’s announcement is at odds with the reality on the ground at the nation’s key airports. As reported by Finance Colombia, the national government’s failure to adequately staff and resource Migración Colombia is leading to critical bottlenecks and processing delays of several hours for both arriving and departing passengers. This issue has become particularly acute at Medellín’s José María Córdova International Airport, which serves the country’s second-largest city and a major tourist hub. Read the full Finance Colombia article here: Medellín’s Mayor Says Colombian Government Ignoring Offers to Help Solve Overcrowding at International Airport.

These operational failures have prompted sharp criticism from prominent public figures, who warn that the country’s image and economic potential are being undermined.

Former Vice President Sounds Alarm Over Airport Crisis

In a strongly worded letter dated July 31, 2025, former Vice President and former Minister of Foreign Affairs, Marta Lucía Ramírez, addressed the heads of the Ministry of Foreign Affairs, Aeronáutica Civil (the Civil Aeronautics authority), and Migración Colombia, calling for urgent measures to address the “inefficiency, illegality, and discrimination in the immigration processes” at José María Córdova International Airport.

Former vice president Marta Lucía Ramírez. Photo: Twitter.

Ramírez highlighted that extensive queues and “unjustified delays” during the recent ColombiaModa fashion event created “operational trauma” and negatively impacted travelers’ experiences. She expressed deep concern that with Medellín’s world-renowned Feria de las Flores (Festival of the Flowers) approaching, a cornerstone of the region’s tourism calendar, the situation threatens the economic dynamism of the entire department of Antioquia.

The former Vice President’s letter underscores that as a member state of the International Civil Aviation Organization (ICAO), Colombia is obligated to provide agile, secure, and efficient immigration processes without discrimination. She pointed out the irony of the government’s efficient BIOMIG system for Colombian citizens, which, while commendable, creates a choke point for international tourists who are not eligible to use it.

Ramírez called for an immediate increase in immigration personnel, the implementation of new technologies to expedite passenger flow, and a guarantee of dignified and timely service for all visitors. She also noted that her call for more staffing comes as the immigration authority has recently seen two increases to its personnel roster.

The letter concludes with a warning that the persistent issues could be perceived as a “deliberate policy of the National Government to harm Antioquia,” a perception that she argues could damage institutional cohesion. The letter was also copied to the Ministry of Commerce, Industry and Tourism, the Ministry of Transportation, the Governor of Antioquia, and the Mayor of Medellín.

Below is the full (translated) text of former Vice President Marta Lucía Ramírez’s letter:

Marta Lucía Ramírez de Rincón, Bogotá, July 31, 2025

To: Rosa Yolanda Villavicencio Mapy, minister of foreign affairs of the Republic of Colombia

Brigadier General (r) José Henry Pinto Rodríguez, general director of the Civil Aeronautics Authority

Gloria Esperanza Arriero López, general director of Migración Colombia

Subject: Urgent request for measures to guarantee efficiency, legality, and non-discrimination in the immigration processes at José María Córdova International Airport for any flight arriving from abroad.

Copied to: Diana Marcela Morales Rojas, minister of commerce, industry, and tourism

María Fernanda Rojas, minister of transportation

Andrés Julián Rendón Cardona, governor of the Department of Antioquia

Federico Andrés Gutiérrez Zuluaga, mayor of Medellín

With the proximity of the Feria de las Flores, an emblematic event of the Paisa culture and great relevance for national and international tourism, I respectfully address Migración Colombia and the competent authorities to express our deep concern about the current conditions of the immigration process at the José María Córdova International Airport.

In recent weeks, extensive queues and unjustified delays have been reported, which affected attendance at ColombiaModa with multiple situations of delay, passenger discrimination, and inefficiency, evidencing the operational trauma in immigration controls.

This situation directly affects the experience of travelers, deteriorates the country’s image, and puts at risk the economic dynamism generated by tourism and business in Antioquia, a department that, like all others, needs and deserves the support of all institutions belonging to the national government, especially when it is the second source of tax revenue for the Nation.

As a member state of the International Civil Aviation Organization (ICAO), Colombia is committed to complying with the international standards established in the Convention on International Civil Aviation, signed in Chicago in 1944 and approved by Law 12 of 1947. These standards recommend that States guarantee agile, safe, and efficient immigration processes without any discrimination between foreigners and nationals arriving on flights from abroad, which must be anticipated and resolved, especially at airports with high passenger traffic.

Likewise, Decree 1294 of 2021 establishes that the Civil Aeronautics Authority must adjust its operation to ICAO procedures to ensure safe, efficient, and responsible civil aviation. Law 336 of 1996, in its article 2, states that the protection of users is an essential priority of the transportation system, and article 68 recognizes air transport as an essential public service. Additionally, Article 9 of Law 105 of 1993 underscores the obligation of authorities to guarantee efficiency and quality in the provision of public services, which includes immigration processes at international airports.

In this context, it is important to highlight that the BIOMIG system has proven to be an efficient and agile tool for the immigration control of previously registered Colombian citizens. Its operation has been exemplary and represents a model of modernization that must be maintained, promoted, and reinforced. However, by not being available to international tourists, a bottleneck is created in the lines intended for foreigners, which aggravates congestion and negatively affects the perception of the country as a pleasant tourist destination.

Therefore, we make an urgent call to Migración Colombia to:

• • • Reinforce its operation at the Rionegro airport by increasing personnel at immigration control points. Taking into account, among other things, that this institution has been the subject of two recent increases in its staff.
    • Implement technologies that speed up the flow of international passengers, including, among others, expanding and promoting the use of systems such as BIOMIG for nationals and exploring similar alternatives for frequent foreign travelers.
    • Guarantee efficient, dignified, and timely attention for all visitors, without distinction of nationality.

It is essential to prevent this situation from being interpreted as part of a deliberate policy of the National Government to harm Antioquia, a perception that could affect institutional cohesion and the complementarity between the different state institutions, as provided by the national constitution.

We trust in the commitment of the authorities to ensure that Colombia continues to be a welcoming, competitive, and respectful destination of international standards.

Sincerely,

Marta Lucía Ramírez de Rincón, former vice president of the Republic of Colombia, former minister of foreign affairs, former minister of foreign trade

Cartagena’s Rafael Nuñez International Airport is stretched beyond capacity, with passengers lacking adequate seating. Photo credit: Loren Moss.

Overnight we had the latest real sector data from Departamento Administrativo Nacional de Estadística – DANE Colombia which read well.

The manufacturing production numbers, despite the tidy GDP growth, have been spotty, but in May there was a 3% increase (above 2% estimates) in real terms, with sales (2.6%) & employment (0.3%) also showing improvement. However, despite 25 of the 39 sectors being in positive territory, it’s a little early to claim victory – only last month, there was a 3.3% overall decline. For the record, the main drivers were food, clothing, and chemical manufacture.

As expected in Colombia’s consumer driven economy, there was another big retail sales (13.2%) increase driven by vehicles (+29.8%), information/technology (+56.6%), & food (+6%). This all reads well, except for the fact that scanning through the categories, so much is imported. With exports still in the doldrums, expect ongoing deficit problems.

Interestingly, the main economic press concentrated on industrial production which dropped 0.2% – no mention of the other data points – any wonder they get criticized by the government for misrepresenting the economy !

Whilst the diplomatic & trade dispute rumbles on with no fresh news, Donald Trump & Gustavo Petro find themselves continuing as strange bedfellows with Petro again this weekend, aiming at Banco de la República – Colombia and what he perceives as their stubbornness over rates, which remain at 9.25%. Trump has the same attitude toward the FOMC. Whilst 2025 has seen slower-than-expected growth in Colombia, the reality is that overnight rates should have come down far more in 2024, and allegations of politics at play are hard to ignore. This month we should see a reduction to 9%, from there hopefully we’ll see rates at or below 8.5% by the end of the year.

Over the past few weeks, there have been a growing number of headlines related to the growth in agriculture, record revenues, exports, etc., which was one of Petro’s stated aims when he came to office. Why is there so much surprise? Colombia has arguably the best growing climate in the world, and it is also a country where only 4 million of an estimated 32 million farmable hectares are in use, so there is huge upside potential. The fly in the ointment, of course, are the mega-rich robber barons who prefer to use their farms for their purebred horses and infinity pools, as opposed to contributing to the future of the country.

Those are the main points this Wednesday, but where we haven’t heard anything significant for the past week is pension reform, tax reform, referendums, decrees, or national assemblies. There has, of course, been plenty of hot air amongst the runners and riders in the 2026 presidential derby – but there is no need to give them airtime.

Have a great rest of the week.

Roops.

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Departamento Administrativo Nacional de Estadística – DANE Colombia office in Cúcuta. Photo credit: EEIM/Wikipedia.

The courts, in the meantime, have blocked the referendum via decree, and whilst Gustavo Petro expressed annoyance, it is now perhaps irrelevant, along with chatter of a national assembly, if the labor reform is passed into law.

Another reform, however, has run into problems. The constitutional court has questioned aspects of the pension reform, even though people have already begun moving assets around, and it has been returned to congress for revision. The legal system in Colombia is one of the slowest and bureaucratic on the planet, and these sorts of ‘after the event’ decisions only help to damage its reputation further.

Miguel Uribe is still fighting for his life, and whilst the political temperature has accordingly cooled, there are still too many in Colombia who wrongly think they are claiming the moral high ground by blaming the government when much of the evidence being discussed by the media points to different hands on the trigger. Many of the corporations and federations may dress up their support for Uribe in calls for unity, but they fail to hide the political message behind their public statements….shameful.

Given the ongoing madness in Washington’s it is good to see the government pushing ahead, looking to seek new partners and alliances. Recently, Colombia signed up to the new Silk Road agreement with China, and now they have been approved to join the BRICS Development Bank in order to potentially source new options for funding and partnerships. Much of the right is uncomfortable with this; however, it is wholly coherent and replicates in some respect what happened when, then number one export market, Venezuela, began to implode, and Colombia needed to seek alternative export partners.

Little economic data this week, however, April Economic Activity (ISE) from Departamento Administrativo Nacional de Estadística – DANE Colombia grew just 1.14% YoY in April, the slowest pace in five months. However, the season was more favorable and pointed to continuing healthy growth. We also have the latest import (and deficit) data due out.

Have a great Friday.

Regards Roops.

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Labor reform march. Photo credit: Presidencia de la República de Colombia.

1. Tragic assassination attempt on Miguel Uribe.
2. Multiple bomb attacks in the Cali region.
3. Gustavo Petro signs decree on labor reform referendum.
4. Multiple parties sign a letter stating that the referendum via decree constitutes a Coup d’état.
5. Labor reform 2.0 advancing in the senate/congress.
6. Fiscal reform suspended.
7. May inflation be lower than expected?
8. Continued poor tax returns.
9. Petro again muttering about a national assembly.

There is little transparency, but here are some brief thoughts. In the case of Miguel Uribe, everyone should focus on sending their prayers to the family at this time and calling for national unity. Instead, there are far too many, predictably, trying to exploit the situation for their political gain.

Kudos to those who have followed the path of consolidation (90% of them outside Medellín) and to the others (90% from Medellín) who want to be on the same side of the conversation as Marco Rubio & Benjamin Netanyahu, who simply had to comment, perhaps tone down the rhetoric, it is helping no-one at all in Colombia. There are no clear conclusions as to what happened, and the follow-up terrorism in Cali has only muddied the waters. There is a lot of investigation to be done, and that in Colombia invariably takes a long time.

The referendum isn’t a Coup d’état, and is best left to the courts to decide. Even four members of the cabinet didn’t sign in support. Personally, as Petro has hinted himself, I can see the referendum being scrapped if labor reform 2.0 is successful (now 70% approved), and there seems to be more cross-party support than previously. Regardless, the referendum has to garner over 13 million votes – that is a huge hurdle in this country. As for the national assembly, he’d be lucky to get it half-organized before leaving in 14 months.

The fiscal rule news is a real concern; the Peso dropped 1% post-announcement. We aren’t here just because of the Petro government, but they are holding the baby, and it’s their problem to try to fix. It remains to be seen, at a time of falling oil prices and tax revenues, combined with climbing imports, what can be done. Those tax revenues YTD (May) stand at $30bn, around $1.5bn below expectations.

May inflation (5.05%) from Departamento Administrativo Nacional de Estadística – DANE Colombia was considerably lower than April (5.16%) and also the consensus of 5.10%. However, with the Fedesarrollo YE estimate recently rising from 4.4%-4.8%, it’s unlikely that Banco de la República – Colombia will make any move from 9.25% at month end.

I don’t know about anyone else in Colombia, but perhaps we should just cancel Friday and stay in bed.

Regards.

Roops.

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Presidential candidate and Senator Miguel Uribe Turbay with his wife, Maria Claudia Tarazona. (source: social media)

At the very center is the labor reform. Due to the senate’s rejection of the referendum, Gustavo Petro is threatening to impose the plebiscite via decree. The rabid right/elite are furious at the government circumventing the democratic process and the country’s institutions. Will Petro succeed? Can he practically even get it done? Who even knows? It is far from the first time a president has acted via decree, but more than anything else, it highlights the glitch in the same system that allows Donald Trump to sign papers and cause global chaos.

At the same time, there is a continued effort to push through labor reform 2.0, with the final texts to be approved next week. Ironically, we now have the ANDI – Asociación Nacional de Empresarios de Colombia calling on the government not to sabotage it, after spending 12 months opposing it, it does beggar belief.

At the core of the problem? Poor treatment of workers. Many Colombian employers, not all, engage in practices, hiding behind legislation, that simply wouldn’t be accepted in developed countries. The ANDI feels the reform is less harmful than a referendum.

Accordingly, a number of presidential pre-candidates decamped to the Asobancaria congress and contaminated it with their conflicting views. Expect a plethora of legal speak over the coming weeks.

The same congress referred to the OECD – OCDE cutting 2025 GDP estimates from 2.7%-2.5%, and whilst disappointing, it is still a good number. The issue, in large part, is the deficit situation, and exports are a big part of that. This week’s April data was again poor. There was a drop of 6.5% with a 34.7% decline in commodities. Trumponomics at work in the oil sector. There will be much trepidation ahead on the import number from Departamento Administrativo Nacional de Estadística – DANE Colombia amid concerns of another huge deficit. This is due to continued robust commercial activity amidst the consumer durables sector, coupled with a record low unemployment figure, people are spending. To highlight this, May vehicle sales rose 33% YoY to 19,707.

The impact of all this turmoil? A strengthening Peso (<$4100) and a stock market up 28% (dollar terms) YTD – go figure!

Have a great day.

Roops.

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President Gustavo Petro. Photo credit: Presidencia de la República de Colombia.

The CUT‘s general strike over the past two days was, most importantly, peaceful, and also extremely modest in scale. If the goal was to create a groundswell of support for the Labor Reform Referendum, a failure. Ordinarily, I am suspicious of the mainstream media’s reporting of pro-Petro events, but on this occasion, either the workers didn’t stay away or used the two days of good weather for some R&R.

Back in the senate, labor reform 2.0 has edged forward at the commission level with the adjustments in the articles being criticized by workers and employers alike – it remains what it will look like, or even how far it will advance.

The Banco de la República – Colombia, which has taken the month off in terms of overnight rate decisions, reported another 18% increase in remittances, this time for April, to $1 billion USD – YTD; they are now up 15%, $4.2 billion USD. It remains to see the impact of Trumponomics, but these transfers, which used to be negligible next to other countries in the region, have certainly grown in importance.

Fedesarrollo for April reported an increase in retail confidence to 24.9% (15-month high), a reflection of Colombians’ propensity to shop, whilst industrial confidence dropped slightly, both in line with recent real sector data from Departamento Administrativo Nacional de Estadística – DANE Colombia.

According to the TMF of 79 countries surveyed (accounting for 94% of global GDP), Colombia is the 5th hardest country to do business in – but before the conservative elite start pointing at Gustavo Petro, it is where the country was in 2022 & 2023, and there are various European countries even lower down.

Final oil data for 2024 revealed an average daily production of 772k boepd (modestly down) whilst oil reserves rose to 7.2 years whilst gas reserves dropped by 13% – no surprises. Ecopetrol has announced that despite Shell‘s departure, they will push ahead with their ambitious offshore gas development.

Separately, CEO Ricardo Roa is again under pressure to quit after another scandal hit both him and the company. Despite its privatization almost 20 years ago, it seems that the oil giant has been embroiled in such headlines since the day I arrived.

Enough for a Friday.

My regards.

Roops.

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The CUT’s general strike was peaceful. Photo credit: CUT Colombia/Facebook.

]]> https://www.financecolombia.com/what-jumps-out-pass-the-lipstick/ Wed, 21 May 2025 12:45:03 +0000 https://www.financecolombia.com/?p=34289 There is no dressing up the current Colombian situation, there is no amount of makeup that can cover the cuts and bruises covering the country. A general strike has been called by the Central Workers Union for 29-30 May, conveniently just before a long weekend. This has the dual purpose of supporting the Labor Reform Referendum and protesting the nonsense behavior of the senate.

In parallel, we have the text of the revived labor reform being prepared for submission to the 4th commission of the senate. These texts could have been ready Friday, May 23, but two members of what is a hostile panel, having pressing family matters, and it was delayed it until May 26. If that doesn’t sum up the wanton disrespect for the office they have been elected to, nothing does. Will we ever see the new proposals debated? Gustavo Petro seems doubtful, so the mess will continue. ANDI – Asociación Nacional de Empresarios de Colombia is backing it, which may offer some hope.

The fiscal situation also requires a lot of makeup. March saw the YTD deficit at 2%/GDP – a year ago it stood at 1% and ended 2024 at 6.7%. Aside from government revenues falling short of its spending plans, we have continuing monthly trade deficits. Departamento Administrativo Nacional de Estadística – DANE Colombia reported improved export data last week, driven by agriculture; however, imports also rose 16.5% to $5.5 billion USD. That led to a deficit of $897 million USD, down on recent months but up 38% YoY. The rapid ascent in domestic demand for consumer goods means this situation is likely to continue.

Whilst tax revenues are rising post reforms, they are still below target levels and the DIAN (IRS) announced this week they are working with 19,000 who are struggling to pay their taxes. Clearly a country where too many companies aren’t accustomed to paying their full share – and this is in an expanding economy.

Ecopetrol have had a busy week. They have purchased 10 green energy projects amounting to 1.3gw which surpasses it 900mw target for this area of its portfolio.

Finally, a word on the markets. The Peso continues to steadily strengthen ($4169) whilst the stock market continues to hand tough and is up 26.4% YTD in dollar terms. The joke remains on the local brokers who have spent the Petro years scaring their high net worth individuals into paying high fees for low returning US markets.

Have a great day.

Roops.

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Colombia Central Workers Union. Photo credit: CUT Colombia/Facebook.

The government is demanding that the vote be reopened or repeated, and Gustavo Petro is calling for public protests. In the middle of this, there has been an attempt to revive the original Labor Reform bill by the opposition, but this is seen by many as a red herring to confuse the senate voting process. Lawyers are involved and it is a total mess. Whatever little respect for the political leaders of Colombia that still existed, is trickling away rapidly. Frankly speaking – pathetic.

Petro himself signed up for the New Silk Road in Beijing along with other Latin American leaders. While the orange man is sleeping in Washington, China will happily be handing out low-cost loans and/or tendering at low cost for projects in the region. Donald Trump’s team is not happy, but Colombia and the rest of Latin America cannot be blackmailed or bullied by a man who is slowly but surely losing the plot. Again, how will the hard right politicians, such as Iván Duque, get back out of their huge support post-election for Trump, who, since January, has been busily trying to torpedo the local economy.

The economy itself continues to grow. Departamento Administrativo Nacional de Estadística – DANE Colombia reported that Q1 GDP was 2.7% (est 2.6%) versus 2.4% a year ago. The principal drivers were commerce (3.9%) and agriculture (7.1%), which contributed over 50% of the annual growth. The Economic Activity (ISE) rose 4.5% in March, drafting the reading for January & February.

On the negative side Q1 investment whilst still rising slightly was still down 8.1% YoY. Whilst the opposition will gladly point at the government, it is equally down to the chaos we are seeing in congress where self-interest is taking priority over the state of the nation. The Peso ($4194) has recovered and has joined the stock market in outperforming most of the markets around the world.

Have a great end to the week.

Roops.

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Colombian President Gustavo Petro and Chinese leader Xi Jinping in Beijing. Photo credit: Gustavo Petro/Facebook.

The issue is that it is neither the full senate nor the full congress got to debate the labor reform, as the 7-person gatekeeper committee didn’t allow them, and those committees are stacked with opposition senators. How many protested – tough to tell as the mainstream media aren’t easily given to reporting positive Petro news however the numbers were considerable, especially in Bogotá.

The real crux of the issue is that 99% of those complaining about the reform had a holiday. They sat at restaurants and went shopping – all the time served and attended by those who were ordinarily working with no thought of overtime payments or compensation. Any just person looking through the 12 referendum proposals would simply shrug their shoulders and agree with the concepts.

What happens next? It’s very hard to say. No one wants to see a president circumvent congress; however, there is a deep frustration with the go-slow of the committees – and there is still over a year of the administration ahead. The referendum still requires approval, and then, reportedly, a vote of over 13 million in favor, to get over the line – and even then, there is a lack of transparency.

Elsewhere, Banco de la República – Colombia unanimously cut overnight rates from 9.5-9.25%, this was as expected; however, given the recent stubbornness of the central bank there were some concerns. This will give another boon to the economy, particularly the commercial side which is already hopping.

To demonstrate this, Departamento Administrativo Nacional de Estadística – DANE Colombia reported that March unemployment dropped considerably YoY. Both total (9.6%) and urban (9.3%) were much lower than their respective 2024 readings of 11.3% & 10.8%. Total employment for was the lowest reading for March since 2015, a number that shouldn’t be ignored – also YoY over 1 million people found employment. Very positive for those seeking work.

Have a great end to the week.

Roops.

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Photo credit: Presidencia de la República de Colombia/Facebook