Colombia’s retail sales plunged by 11.9% YoY in July, marking the steepest decline in nearly three years, and following a 5.1% drop the month prior. This consistent decline reflects the economy’s slowdown, exacerbated by the central bank’s rate hikes to curb demand. Manufacturing output also declined for the fourth straight month, with a 4.8% drop in June after a 3.4% fall in May. Meanwhile, consumer confidence dipped further in July 2023 to -17.4, down from -14.1 in June, due to declining consumer expectations and perceptions of economic conditions by 4.5 pps and 1.7 pps, respectively.