IX COLOMBIA NEWSLETTER International Allies Bogotá, April, 2022
CONTENTS 1. Guest Columnist 2. Good news from Colombia 3. Economic behavior 3.1. 3.2. 3.3. 3.4. 3.5.
Gross domestic product Inflation Employment Business dynamics Social Pulse Survey
4. Evolution of foreign trade 5. Foreign Direct Investment 6. Behavior of the pandemic 7.
BCC news and upcoming events
8. Sources
1.
Guest Columnist
Dynamism. It is the best adjective to describe the restaurant sector in Bogotá right now. Numerous gastronomic concepts have been developed during the pandemic, which have sparked very interesting and imaginative restaurant openings. I recently visited Bogotá as gastronomic jury for the 2nd Bogotá Marcando Estilo (BME), and as a buyer for a group of suppliers that were exploring possibilities for doing business with us. The objective of this new edition of the BME was to highlight the Colombian capital´s gastronomic, fashion and tourist attractions, created in a collaborative effort between the Bogotá Chamber of Commerce and El Corte Inglés, which catered especially to Spanish tourists. During my meetings with various professionals, their high entrepreneurial spirit always stood out, along with impressive motivation, imagination and enthusiasm among the young and not so young entrepreneurs. Their professionalism is up there with those from most well-known gastronomic countries. Chefs here have had excellent training and many of them also have international experience, either through advanced training programs or through stages at renowned restaurants in the main gastronomic capitals. This has allowed them to explore other cuisines and new ways of working. It is very interesting to see how they have incorporated this knowledge and expertise into their own culinary proposals. I don't want to forget about the food industry. The efforts that a significant number of companies are undertaking to adopt state-of-the-art processes and technologies are noteworthy, and they are beginning to bear fruit. Compared to my previous visit, I have seen a significant increase in the number of companies starting their international journey, some of them in markets as demanding as Japan or Europe. In my view, these companies will set the bar for the rest. A determining factor in the internationalization of a country's gastronomy is its capacity to successfully export it. I take home with me very pleasant memories from this trip and the feeling that, in coming years, Colombian gastronomy will give all of us much to talk about.1 Juan Merino Merino International Product Development Manager for Restaurants at El Corte Inglés
1
The original column was written in Spanish. Free translation was done by an official of the Bogotá Chamber of Commerce.
2.
Good news from Colombia
Good news from Colombia • The International Monetary Fund (IMF) revised growth projections for the Colombian economy upwards, raising its expectation for GDP growth in 2022 to 5.75%. This represents an increase of more than one percentage point compared the IMF´s February projections. For more information, please visit the following link. • Thanks to the success of the National Vaccination Plan and the steady progress of the country's economic recovery, the National Government eliminated mandatory use of face masks indoors starting May 1st. After having already lifted this restriction for outdoor spaces, this new measure will be effective in cities and municipalities where vaccination rates are greater than 70% for two doses and 40% for booster shots. In addition, as of this date, the vaccination card will not be requested for admission to mass public or private events such as sport events, cinemas, bars, among others. For more information, please visit the following link. • According to the latest edition of the World Economic Forum´s Global Entrepreneurship Monitor (GEM), Colombia is the best country in Latin America to start a business in 2022, and ranks 25th globally. For more information, please visit the following link. • On April 23, the National Government and the Governor's Office of Antioquia announced the start of construction at Puerto Antioquia, the largest port megaproject in the country, which will cost more than USD 774 million. This megaproject, which has the support of the Inter-American Development Bank (IDB), will create more than 17,000 new jobs and allow for the arrival of more than 800 companies to the Urabá region in the department of Antioquia, in addition to strengthening international trade, the logistics chain and the country's productivity. For more information, please visit the following link. • General Motors announced it will invest more than USD $50 million in Colombia to modernize its local light vehicle production plant. For more information, please visit the following link. • On April 11, President Iván Duque presented the country's Green Taxonomy at the New York Stock Exchange, a strategy aimed at promoting sustainable financing. It is based on a classification system for economic activities and assets with significant contributions towards environmental objectives. Colombia became only the fourth country in the world to implement this sustainability strategy. For more information, please visit the following link. • Economic reactivation in the country´s Tourism sector is progressing successfully. On Eastern Week, tourist land transport increased by 49.3% compared to Eastern Week in 2021, while air transport increased by 27%
compared to the same period in 2019. The latest National Administrative Department of Statistics (DANE) Monthly Accommodation Survey revealed that in February 2022, occupancy rate in hotels, apart-hotels, vacation centers, rural tourism accommodations, hostels, and camping areas for 12 regions around the country was 50.3%. This corresponds to an increase of 18.8%, compared to February 2021, and 2.2% compared to February 2019. With the above, the recovery of the sector is evident, surpassing in some respects the prepandemic figures. For more information, please visit the following link. Good news from Bogotá • Bogotá will have the largest multipurpose event center in Latin America, the Coliseo Live. Representatives of the event center, which received an investment of more than 100 million dollars, reported that it is more than 93% complete, and it is estimated that inauguration will take place at the end of the first semester of 2022. It will house more than 100,000 square meters. For more information, please visit the following link. • From April 19 to May 2, the Bogotá International Book Fair (FILBO) was held, organized by Corferias, a subsidiary of the Bogotá Chamber of Commerce, and the Colombian Book Chamber. This year the Fair had more than 500 special guests and 1,600 events with authors, illustrators and industry professionals from Argentina, Brazil, Chile, Colombia, Mexico, the United Kingdom, among others. In addition, the guest country for this edition was the Republic of Korea. For more information, please visit the following link. • ARTBO, the Bogotá International Art Fair, organized by the Bogotá Chamber of Commerce, returns for a weekend edition offering 6 tours of 56 exhibition spaces between April 22 and 24. For more information, please visit the following link. • The Ibero-American Theater Festival of Bogotá was held between April 1 and 17, after a two year pause due to the COVID-19 pandemic. For more information, please visit the following link. • Brazil is looking for Colombian startups for an international competition. The 50 best startups will participate in the meeting of Porto Alegre´s entrepreneurship and innovation ecosystem from May 6 to 8. For more information, please visit the following link. • With the legalization of cannabis for medicinal use in Colombia, its capital is preparing a plan to support new ventures in this market. For more information, please visit the following link. • Grupo Energía Bogotá (GEB) and Enel signed an alliance to promote sustainable energy and investment projects in the Colombian capital. For more information, please visit the following link.
3.
Economic behavior
3.1 Gross Domestic Product (GDP)2 In 2021, Colombia´s GDP grew 10.6% (original series) compared to 2020, and 2.8% compared to 2019. This shows an effective recovery, with growth comparable to pre-pandemic levels. Bogotá´s growth rate for 2021 compared to 2020 was 10.3%, which means that Bogotá was, for the first time in the last 5 years, below the national growth rate with a difference of 0.3 percentage points. However, the capital grew by 3.4% compared to 2019, showing that, both locally and nationally, there are good signs of economic recovery from the pandemic. In March, the National Administrative Department of Statistics (DANE) published GDP figures by departments for 2020. What can be observed, beyond the fact that the 7.0% drop compared to 2019 was confirmed, is the differentiated effect by region. Unlike Bogotá, which has quarterly GDP information (being the only territory in the country and one of the few cities that reports production on the continent), the other territories only get this disaggregate level of information 5 quarters later.3 This statistical operation for the first time allowed the country to see the differentiate effect of the pandemic in its Territories. For example, La Guajira and San Andrés Island were the hardest hit, where economic activity decreased by 25.4% and 19.6%, respectively. Cundinamarca´s economic output decreased by 5.9%, the fourth department with the lowest drop in the country, followed by Caquetá and Córdoba with 5.8%. Risaralda was the department with the lowest drop, registering only 5.6%
Graph 1. Economic growth by departments between 2020 and 2019
2 Source: 3
DANE, GDP Colombia and Bogotá fourth quarter of 2021. Published on March 15, 2021 Source: DANE, Departmental GDP. Published March 25, 2022.
-10,3% -9,3%
-6,5% -6,5% -6,5% -6,3% -6,0% -6,0% -6,0% -5,9% -5,9% -5,8% -5,8% -5,6% -7,7% -7,6% -7,0% -6,9% -9,1% -8,7% -8,6% -8,5%
-14,4%-13,8% -19,6% -25,4%
Source: DANE. Directorate of Synthesis and National Accounts. Constant prices based on 2015.
Despite the 6.5% drop in economic activity in the capital, Bogotá's share of national GDP in 2020 grew 30 basis points, from 25.8% to 26.1%. This drop was far less than that observed in the rest of the country. On the other hand, the joint participation of the Bogotá-Cundinamarca region in the country's total GDP was 32.2% (Cundinamarca, 6.1%, Bogotá, 26.1%). This region produces almost a third of the country's economic output.
Graph 2. Share of GDP by departments vs. the capital district 26,1%
14,9% 10,0% 6,2% 6,1%
4,5% 3,5% 3,1% 2,7% 2,2% 1,8% 1,8% 1,8% 1,7% 1,7% 1,7% 1,6% 1,6%
Source: DANE. Directorate of synthesis and National accounts. GDP at constant prices using 2015 as reference point.
3.2 Inflation
Price variation in the country was 1.00% and 0.76% in Bogotá for the month of March. This has been the highest variation for the same month since 2007, when it stood at 1.21%. In total (year to date), the country has experienced a price variation of 4.36%, and 4.02% in Bogotá. To see these figures in context, it is important to remember the projections that the Central Bank made in its monetary policy report in January 2022, which expected inflation to close at 4.3% for 2022. This means that in the first 3 months we already met the expected projection for the whole year, and are already 0.06 percentage points above it. Table 1. Monthly and year-to-date inflation in Colombia and Bogotá during March 2022.
Monthly variation
Variation year to date
Annual variation
Period Colombia
Bogotá
Colombia
Bogotá
Colombia
Bogotá
March 2021
0,51%
0,47%
1,56%
1,38%
1,51%
0,97%
March 2022
1,00%
0,76%
4,36%
4,02%
8,53%
7,34%
Source: DANE - Consumer Price Index (CPI).
For Bogotá and Colombia, among the sectors that presented the greatest price variation (Graph 3), four of them stood out: (1) foods and non-alcoholic beverages, (2) accommodations, water, electricity and gas (3) restaurants and hotels and (4) furniture and home products, which together contributed 0.92 percentage points to the country´s inflation variability. It should be noted that the price variation for foods and non-alcoholic beverages continues to rise month after month, although it grew below 3% for the first time this year. Despite this, for the first three months of the year it has grown by 10.2%.
Graph 3. Monthly CPI variation, according to expenditure division, Colombia and Bogotá, March 2022
Source: DANE - CPI
On the other hand, the monetary policy intervention rate is the minimum interest rate that the Central Bank charges financial entities for the loans it makes to them. This rate is the main monetary policy intervention mechanism used by central banks to control inflation. As can be seen in Graph 4, the interest rate has a tendency to react later to inflationary peaks, so it is expected that, if 12-month inflation is not controlled, interest rates will continue to rise to control the increase in prices.
Graph 4. Relationship between the Banco de la República interest rate and 12-month inflation
3.3 Labor Market4 In 2022, the National Administrative Department of Statistics, DANE, made a series of changes in its methodology for calculating the main employment indicators and the variables it reported; among the new changes, are the following: 1. 2. 3. 4.
New information collection framework, derived from the 2018 census. New population projections, based on the 2018 census. New conceptual and methodological approach for survey questions and data collection. There are new information modules, such as rural and LGTBI+ populations, taxes, persons with disabilities and cities without their metropolitan area.
Taking this into account, the DANE has only published employment information for the year 2021 and the first two months of 2022. The unemployment rate in Colombia for February 2022 was 12.9%, while for the same month in 2021 it was 15.5%, a decrease of almost three percentage points. The information available for analysis of the labor market in Bogotá shows that, in the moving quarter from December 2021 to February 2022, unemployment stood at 14.2%; however, comparisons with previous years cannot yet be made.
4
Source: DANE, Great Integrated Household Survey. Taken from: https://www.dane.gov.co/index.php/estadisticas-por-tema/mercadolaboral/empleo-y-desempleo
On the other hand, total employment in the country increased by 1.52 million between February 2021 and February 2022, from 20.16 million in 2021 to 21.68 million in 2022; therefore, total unemployment decreased between 2021 and 2022 by 500 thousand, from 3.71 million in February 2021 to 3.21 million in February 2022. The gap in the unemployment rate between men and women continues to be high; in February 2022, this gap was 6.2 percentage points, given that men have an unemployment rate of 10.3% for this month and women registered an unemployment rate of 16.5%. However, this gap was lower when compared to February 2021, when a gap of 8.6 percentage points was recorded. Also, the number of employed persons increased by 516 thousand for men and by just over one million for women. 3.4 Business dynamics Bearing in mind that March 31 was the deadline established by the Law for commercial registration renewal, more than 305,000 business persons, both natural and legal, successfully completed their renewal. In addition, a total of 183,000 commercial establishments updated their economic activity, which allowed these entrepreneurs to access more than 500 free services from the Bogotá Chamber of Commerce to consolidate their reactivation in 2022. Thus, the total number of renewed production units registered an approximate increase of 4% compared to the same renewal period in 2021, and a slight difference of -1% compared to 2019, a comparable year prior to the pandemic. 3.5 Social Pulse Survey Consumer Confidence Index (CCI) This index is made up of 5 questions on the behavior of the household economy, the perception of the behavior of the economy in general and consumption of durable goods throughout the national territory. Graph 5 shows that, in January 2022, the CCI stood at 35.9% in total for the 23 cities, decreasing by 3.4 percentage points compared to December 2021 (39.3 %).
Graph 5: Consumer Confidence Index (CCI) - Monthly series - 23 cities
Source: DANE, (2022). Social Pulse Survey, February 2022.
Similarly, the following relevant facts are noteworthy: • • • •
4.
In January 2022, 46.4% of families in the 23 cities reported that their situation was worse or much worse than 12 months ago, while in Bogotá it was 48.7% of families. This is a gap of 2.3 p.p. between the nation and Bogotá. Bogotá decreased by 0.2 p.p. the percentage of households that considered their situation worse or much worse than 12 months ago between December and January. The nation´s increased it by 0.9 p.p. Regarding the next 12 months, in the 23 cities, 36.4% of households consider that their economic situation will be better or much better, while in Bogotá it is only 21.7%. This represents a gap of 14.7 p.p. between Bogotá and the total of the 23 cities. In the 23 cities, 63.8% of families stated that they did not have greater possibilities to buy clothes, shoes, food, etc.; for Bogotá it was 68.5% of families. This represents a gap of 4.2 p.p. between Bogotá and the 23 cities. Evolution of foreign trade
Exports5: Dynamics of Colombian exports: Exports in the country and the region show a significant recovery. In recent months, growth rates were higher than the period prior to the pandemic, which consolidates the country and the region as an attractive investment destination. In February 2022, Colombia's foreign sales, including oil and its derivatives, totaled US$4.202 billion FOB, which represents an increase of US$1.263 billion compared to the same period in 2021, which means there was an increase of 43.0% in the country's exports. Similarly, the level of exports exceeded the same period in 2020 by US$ 1.258 billion FOB, an increase of 42.8%. Graph 6. Colombian exports, February 2020, 2021 and 2022
Billions of dollars FOB 2020
2.943
2021
2.939
2022
4.202
Source: DANE - EXPO
Dynamics of exports from the Bogotá – Cundinamarca region: Exports originating in Bogotá increased from US$230.6 million FOB in February 2021 to US$425.2 million FOB in February 2022; this represents a growth of 84.4%. On the other hand, exports from Bogotá grew by 34.2% compared to February 2020, from US$316.9 million FOB to US$425.2 million in 2022, a biannual increase of US$ 108.3 million for exports from Bogotá. In Cundinamarca, an increase of 26.0% was observed in exports in February 2022 compared to the same period in 2021, from US$172.0 million FOB in 2021 to US$216.7 million FOB in 2022. Like Bogotá, Cundinamarca exceeded pre-pandemic export levels, since in February 2020 exports were registered at US$ 75.8 million FOB, an increase of 185.8%. As of February 2022, Bogotá is the second department with the highest export levels in the country with 15.3% of the country's total exports and is surpassed only by Antioquia, with 21.3% of the country’s total exports. Cundinamarca is the fifth largest exporting department in Colombia, with 7.8% of the country's total exports. This makes Bogotá - Cundinamarca the top exporting region in the country, with 23.1% of the country's total exports. Graph 7. Bogotá – Cundinamarca region exports (not including oil and its derivatives) February 2020 – 2022
5
Source: DANE, Exports. February internacional/exportaciones
2022.
Taken
from:
https://www.dane.gov.co/index.php/estadisticas-por-tema/comercio-
Millions of dollars
2020
316,9 75,8
2021
2022
230,6 172,0
425,2 216,7
Bogotá
Cundinamarca
Source: DANE - EXPO
Imports6: Dynamics of Colombian imports: In January 2022, Colombian imports totaled US$ 6.050 billion, an increase of 58.3%, compared to the same period in 2021. Of total imports, 75.4 % were manufactured goods, 13.4% agricultural products, food and beverages and 11.2% fuels and extractive industry products. Dynamics of imports from the Bogotá – Cundinamarca region: Imports from Bogotá and Cundinamarca for the same period increased by 54.5% and 64.4%, respectively. External purchases of the region totaled US$ 3.410 billion in January 2022. The Bogotá-Cundinamarca region, as is traditional, is first in total imports, with 56.4% of the total. Bogotá registered imports for US$ 2.839 billion and Cundinamarca for US$ 571 million. 13.9 % of imports destined for the Bogotá-Cundinamarca region correspond to fuels and mineral oils and their products. Purchases of electrical, recording or imaging equipment and material represent 13.2% of total imports, 10.4% corresponds to reactors, boilers, machines and parts and 8.7% to motor vehicles. 5.
6
Foreign Direct Investment
Source: DANE, International trade- imports. February 2022. Taken from: https://dane.gov.co/index.php/estadisticas-portema/comercio-internacional/importaciones
According to the Ministry of Trade, Industry and Tourism, Foreign Direct Investment (FDI) stood at US$1.563 billion in aggregate as of February 2022. This means an increase of 47% compared to the same period (January-February) of the previous year. Investment in mining-energy sectors stood at US $1.083 billion as of February 2022, which represents an increase of 39.4% compared to the same period in 2021. FDI in non-mining-energy sectors amounted to US $480 million in the same period, which represents an increase of 67.6% compared to the same period in 2021. Additionally, foreign portfolio investment in aggregate as of February 2022 was US $133 million, while a year ago it was negative by US $606 million. Finally, Colombia's direct investment abroad for the period January-February 2022 was negative by US $105.1 million. Graph 8. Foreign Direct Investment. Period January – February (2014-2022)
Source: Banco de la República - Exchange balance from the Ministry of Commerce, Industry and Tourism. February 2022.
6.
Behavior of the pandemic
As of April 20, 2022, a total of 82,241,178 doses of the COVID-19 vaccine have been applied nationwide. In total, the numbers are the following: 35,662,079 first doses; 28,935,107 second doses; 11,222,289 booster shots; 11,801 second booster shots; 6,409,902 single doses and 35,345,009 full vaccination schemes. According to the above, more than 70% of the Colombian population already has its full vaccination scheme, and 71% have received a first
dose of the vaccine. Through the following graph you can see vaccination rates, by date, for the period between February 1 and April 20, 2022.7 Graph 9: Doses applied by date. Period February 1 - April 20, 2022 Source: Ministry of Health and Social Protection
In Bogotá, as of April 20, 2022, a total of 14,688,391 doses of the vaccine against COVID-19 have been applied. This means that more than 63.55% of the capital´s population has a first dose of the vaccine and that more than 60.16% have the full vaccination scheme. As of April 20, a total of 5,057,220 doses of the COVID-19 vaccine have been applied in the department of Cundinamarca. This means that more than 35.33% of the department's population has received a first dose of the vaccine and that more than 29.87% have the full vaccination scheme. Regarding the number of infections, as of April 21, 2022, a total of 6,090,520 cases have been registered since the pandemic began in the country; 5,923,901 have recovered, with 3,020 active cases and 139,759 deaths. The following graphs show the evolution of infections and deaths registered in the country due to COVID 19:
Graph 8: Daily infection and death trends reported in Colombia
7
Source: Ministry of Health and Social Protection. Taken from: https://www.minsalud.gov.co/salud/publica/Vacunacion/Paginas/Vacunacion-covid-19.aspx
Source: Covid 19 tracker. Reuters. Taken from: https://graphics.reuters.com/world-coronavirus-tracker-and-maps/countriesand-territories/colombia/ 7.
BCC news and upcoming events
• The Bogotá Chamber of Commerce held this year´s Innovation Week from April 19 to 22, a virtual event for audiences to learn from innovators who transform ideas and take risks to do things with a different approach, and to learn about successful experiences that promote creativity. In general terms, participants obtained tools to apply innovation as a formula for growth in their start-ups, companies and business ideas. For more information, please visit the following link. • On Friday, April 8, the award event for the gastronomic contest was held as part of the Bogotá Marcando Estilo program, developed by the Bogotá Chamber of Commerce, in partnership with El Corte Inglés. Chef Jaime Torregrosa from the Humo Negro restaurant was the winner of this second edition of the contest, who will participate in Madrid´s gastronomic week from May 19 to 23 and will be able to offer one menu course throughout the month of June in the 99 coffeeshops and restaurants of El Corte Inglés. Additionally, throughout that week several activities were carried out to promote gastronomy, fashion and tourism within the framework of the program. For more information, please visit the following link. • From April 5 to 8, the first edition of ExpoBIC was held, the first stage in Colombia dedicated to promoting business transformation in the country, inspiring, training and connecting the business ecosystem, the public
sector and academia to accelerate the new business system with the Collective Benefit and Interest model. Within the framework of this important event, the Bogotá Chamber of Commerce recognized 300 businessmen from the region for having opted for this model. For more information, please visit the following link. • The Bogotá Chamber of Commerce, in alliance with the LGBT Chamber of Commerce of Colombia, held the first inclusive labor fair in Colombia: “Expo Talento Diverso”. Within the framework of this event, which took place on April 8, nearly 40 companies participated, offering more than 1,600 vacancies available to members of this community. For more information, please visit the following link. • On April 19, the Bogotá Chamber of Commerce, with the aim of offering business persons from the Bogotá Region tools to do business with Dubai (United Arab Emirates), held the forum “Dubai – gateway to the MEASA region” in alliance with ProColombia. This event had the special presence in the country's capital of representatives of the Dubai Multi Commodities Center (DMCC), one of the most influential free zones in the world and home to more than 20,000 companies. For more information, please visit the following link. • The Executive President of the Bogotá Chamber of Commerce, Dr. Nicolás Uribe Rueda, received a delegation from two companies belonging to the Korean conglomerate CJ Group, in order to discuss and promote the Colombia-Korea Business Council, an entity led by the BCC and whose objective is to create a space for dialogue between the private sectors of the two countries to promote bilateral trade and investment. On behalf of the Colombian private sector, Juan Valdez and Grupo Nutresa participated in this meeting.
8.
Sources
• For more information, visit the https://www.ccb.org.co/observatorio
Observatory
of
the
Bogotá
Chamber
of
Commerce
at:
• DANE. National accounts. Taken from: https://www.dane.gov.co/index.php/estadisticas-por-tema/cuentasnacionales/cuentas-nacionales-trimestrales • DANE. Labor market. Taken from: https://www.dane.gov.co/index.php/estadisticas-por-tema/mercadolaboral/empleo-y-desempleo •
Commercial Registry, BCC, 2019 - 2020 – 2021 - 2022. Taken from: https://www.ccb.org.co/Inscripciones-yrenovaciones/Matricula-Mercantil/Boletines-del-Registro-Mercantil/Boletines-ano-2021
• DANE. Social Pulse Survey. Taken from: https://www.dane.gov.co/index.php/estadisticas-por-tema/encuestapulso-social • DANE, Exports, March. 2022. Taken tema/comercio-internacional/exportaciones
from:
https://www.dane.gov.co/index.php/estadisticas-por-
• DANE, International trade imports, March 2022. Taken from: https://www.dane.gov.co/index.php/estadisticaspor-tema/comercio-internacional/importaciones. • Ministry of Commerce, Industry and Tourism. Foreign Direct Investment Reports. Taken from: https://www.mincit.gov.co/estudios-economicos/estadisticas-e-informes/informes-de-inversion-extranjera • Ministry of Health and Social Protection. Taken https://www.minsalud.gov.co/salud/publica/Vacunacion/Paginas/Vacunacion-covid-19.aspx
from:
• Covid 19 tracker. Reuters. Taken from: https://graphics.reuters.com/world-coronavirus-tracker-andmaps/countries-and-territories/colombia/ • DANE. Business Pulse Survey. Taken from: tema/comercio-interno/encuesta-pulso-empresarial
https://www.dane.gov.co/index.php/estadisticas-por-
• Bogotá Economic Development Observatory. Taken from: https://observatorio.desarrolloeconomico.gov.co/expectativas/indice-de-confianza-industrial-vuelve-terrenopositivo
