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July Retail & Industrial Confidence Both Rise From Prior Readings

COLOMBIA
  • Despite newswires not picking up the data, Fedesarollo did release both industrial and retail confidence data for July on Tuesday.
  • The retail confidence index rose 3.9 points from June to +21.7 in July, but remains below the 30.7 in July last year. The sequential improvement is driven by a more favorable outlook ahead, likely to be positively impacted by the COP appreciation and inflation moderation.
  • At the same time, industrial confidence remained in negative territory at -0.2, but pessimism moderated by 2.0pp from June (albeit still well below last July's +9.7%).
  • Itaú have noted that with the economy expected to slow down from 7.3% in 2022 to 1.3% in 2023, as interest rates remain high, global financial conditions tight, business confidence is unlikely to significantly improve ahead.
  • Full Business Opinion Survey here: https://www.fedesarrollo.org.co/boletin-encuesta-de-opinion-empresarial/af1aa060-2788-454b-bb6e-f9c1c7f2e1ff
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