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Retail & Industrial Confidence Indicators Dip In October

COLOMBIA
  • In October, the Commercial Confidence Index (ICCO) registered at 14.7%, a decrease of 0.4% from September. The decrease in business confidence was explained by the 6.1 pps drop in expectations of the economic situation for the next semester. On the other hand, the level of stocks showed a decrease of 2.7 pps and the current economic situation of the company experienced an increase of 2.3 pps.
  • The Industrial Confidence Index (ICI) stood at -3.7% for the month of October 2023, a decrease of 4.5 pps compared to the September reading. The negative monthly variation in industrial confidence in September is explained by a decrease of 16.5 pps in production expectations for the next quarter.
  • Itaú have noted following the data that with the weak activity print in 3Q’23, high interest rates and still elevated inflation, business confidence is unlikely to significantly improve ahead.

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