Industrial and consumer confidence index recovered in February

Last month, the Industrial Confidence Index (ICI) increased by 2.2 percentage points (pp) contrasted to the previous month. Likewise, the Commercial Confidence Index surged by 4.5 pp. Surveyed businesses expressed higher expectations for production (6.3 pp) and economic recovery (+4.9 pp). The reopening of the economy in February is associated with this positive change in perception, said Fedesarollo.

GDP growth shrunk by 4.6% last January

According to DANE's Economic Monitoring Index (ISE), national GDP fell by 4.6% in January 2021, compared to December 2020, when it also dropped by 2.1%. In detail, commerce, transport and hospitality dropped the deepest, contributing together with a decrease of 2.7 percentage points. Covid restrictions placed in that month are associated with this variation.