Digital Progress: Canada

Colombian Economy • • STRONG UNDERLYING MOMENTUM 1 GDP 2022: 7.3% GDP 2023F: 1.5% COLOMBIAN GDP BY INDUSTRY 2 GDP 2024F: 2.5% 13.7% Finance, Insurance, & Real Estate 10.1% 4.3% Arts & Entertainment 18.0% Wholesale, Retail Trade, Accommodation & Food Services 11.9% Manufacturing Economic activity is showing a healthy slowdown in private demand. However, the slowdown is more moderate. High remittances are contributing to complementing households' income Inflation reached a peak in April, which affirms the thesis that BanRep is closer to the end of the policy rate hiking cycle. Not only has headline inflation diminished, but also core inflation showed signals of stability Checks and balances are working in the discussion of the social reform agenda. The government has a willingness to negotiate more moderate initiatives with congress. On the other side, fiscal sustainability remains the main commitment of the government Other 5.6% Natural Resources 3.2% Information & Communication 246.32 tn COP2015 SWDA (Q4-2022) 6.9% Professional, Scientific, 6.6% Mining and Oil & Gas Extraction 4.4% Construction 15.3% & Technical Services Public Administration CONTRIBUTIONS TO COLOMBIAN GDP GROWTH 2 y/y % change Other* Investment Consumption Net Exports Government Real GDP 15 10 2505052525 -5 -10 -15 20 21 22 22 TOP TRADING PARTNERS 3 United Others States 43% 25% China 18% India 3% Brazil 6% Mexico 5% * Statistical discrepancy, subject to revision 1 Sources: Scotiabank Economics, Bloomberg, as of May 18, 2023; 2 Sources: Scotiabank Economics, Haver Analytics; 3 Trade data updated as of Q4-2022 18 19 68 80

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