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Fedesarrollo's consumer confidence data for June offers some encouraging numbers — but there is still a long way to go.

The political scandal that saw President Petro's coalition implode and the de facto suspension of the reform process was little more than a tremor on the Colombian Richter scale. Now the earth is properly moving.

Despite opinion polls declaring we are heading for Armageddon, we see various stakeholders increasing the GDP outlook.

For April, unemployment was 10.7% — down from 11.2% a year ago — and there was a 3.5% increase (785k) in the number of people working year over year

Looking at macro indicators, one is left shaking their head as to what the central bank saw two weeks ago when it raised rates to 13.25%.

Year over year Q1 GDP came in at 3.0% versus a consensus expectation of 3.5%, and the QoQ number of 1.4% actually beat the estimate of 1%.

In the first two months of this year, non-mining exports from that Saudi Arabia reached $26.6 million USD.

With a dearth of economic data, attention has focused on the Bajo Cauca unrest.

The absolutely key takeaway from these developments is the fact that the institutions of Colombia are holding very firm.

President Petro has asked the Prosecutor's office to investigate his own son and brother for alleged irregularities.