Comunidades y colecciones
Statistics
Analíticas Google
Mapa Composición JEL
Recent Submissions
Open Access
Cartera hospitalaria y diferencias regionales en la prestación de los servicios de salud en Colombia
(Banco de la República de Colombia) Guzman-Finol, Karelys; Ayala-García, Jhorland; Centro de Estudios Económicos Regionales (CEER)
Este documento describe el estado y la evolución de la cartera de los hospitales públicos en Colombia y cómo se relaciona con algunos indicadores de la calidad en la prestación del servicio de salud a nivel regional. El análisis de la cartera de los hospitales públicos se basa en los datos del Sistema de Información Hospitalaria (SIHO), que agrupa la información reportada al Ministerio de Salud y Protección Social. Se cuenta con información para 931 hospitales. El 85% de los hospitales son de nivel I porque ofrecen servicios de complejidad baja; el 12% son de nivel II con servicios de complejidad intermedia, mientras que el 3% de los hospitales son de nivel III que brindan servicios de complejidad alta. Además, de acuerdo con información de la Encuesta Nacional de Calidad de Vida, el Registro Especial de Prestadores de Servicios de Salud, y el Registro Único Nacional del Talento Humano en Salud (ReTHUS), se presentan las diferencias regionales en algunos indicadores de infraestructura hospitalaria y calidad de los servicios de salud. Se encuentra que algunos departamentos de la Costa Caribe (como Cesar, Sucre y Atlántico) tienen la mayor disponibilidad de camas mientras que Bogotá, Valle y Antioquia la mayor disponibilidad de recurso humano. Los departamentos de las regiones Orinoquía, Pacífica y Amazonía están rezagadas en ambos factores. Finalmente, se explora la relación entre la cartera y algunos indicadores de calidad.
Documentos de trabajo. 2024-09-17
Documento sobre economía regional y urbana; No.328
Open Access
Quarterly Update of the Financial Stability Report – September 2024
(Banco de la República de Colombia) Office of the Deputy Technical Governor; Office for Monetary Operations and International Investments; Financial Stability Department
This document provides an update on the main risks faced by the local financial system. It assesses the quarterly evolution of vulnerabilities identified in the Financial Stability Report for the first half of 2024: i) sudden changes in global financial conditions; ii) materialization of credit risk; and iii) deterioration in the performance of financial institutions. Additionally, this update seeks to inform financial market participants and the public about the main risk mitigants and to present the in-depth analyses that will be featured in the Special Reports on Financial Stability and the Financial Stability Report for the second half of 2024.
Reportes, Boletines e Informes. 2024-09-17
Actualización trimestral del Reporte de Estabilidad Financiera – Septiembre de 2024
Open Access
Report of the Board of Directors to the Congress of Colombia, March 2024
(Banco de la República de Colombia) Bonilla-González, Ricardo; Acosta-Navarro, Olga Lucía; Steiner-Sampedro, Roberto; Villamizar-Villegas, Mauricio; Taboada-Arango, Bibiana; Jaramillo-Vallejo, Jaime; Villar-Gómez, Leonardo
In 2023, the Colombian economy made progress in the macroeconomic adjustment required to achieve growth compatible with its productive capacity and external and price stability. This adjustment was reflected in the beginning of the convergence of inflation towards the target, which closed the year at 9.3%. This adjustment is an important step forward in the Board of Directors’ (BDBR) intention to drive inflation toward its target by mid-2025. Net foreign reserves increased and at the end of 2023 reached USD 59,608.3 million, and Banco de la República’s (the Central Bank of Colombia, Banrep) profit amounted to COP 9,226 billion.
International Macroeconomic Environment
IMF measurements indicate that global gross domestic product (GDP) growth was reduced from 3.5% in 2022 to 3.1% in 2023, and according to World Bank estimates, from 3.3% to 3.0%. This is due to the contractionary monetary policy of many central banks, fiscal tightening in most advanced countries, and high international uncertainty due to the conflicts between Russia and Ukraine and in the Middle East, among others.
Global total inflation moderated in 2023 as a result of lower energy prices, normalization of global supply chains, lower food prices, and reduced demand dynamism in many countries resulting from the synchronized cycle of contractionary monetary policy and less expansionary fiscal policies. Thus, by December 2023, annual inflation for OECD members stood at 6.0%, after the maximum level observed in October 2022 (10.7%).
The various international agencies forecast global economic growth for 2024 to be equal to or marginally lower than that recorded in 2023. Thus, according to the IMF, world growth in 2024 would remain unchanged at 3.1%; for the World Bank, it would fall from 3.0% to 2.9%, and according to the OECD, it would decrease from 3.1% to 2.9%. For Latin America and the Caribbean, after an estimated growth of 2.5% in 2023, the IMF forecasts a slowdown to 1.9% in 2024.
Economic Activity in Colombia
According to the information from DANE (National Administrative Department of Statistics), the Colombian economic growth in 2023 was 0.6%, which was below all forecasts. This slowdown was caused by a combination of factors after recording all-time high growth in 2021 (10.7%) and 2022 (7.3%) that led the GDP to levels higher than those recorded before the pandemic.
The reasons for this slowdown include contractionary monetary policy, moderation of expenditure towards levels compatible with the economy's productive capacity, and a lower dynamism of all types of credit. Likewise, the adjustment in public finances related to an increase in tax collection that caused a 4-point decrease in the General Government deficit, the contraction in civil works, and the uncertainty that affected investment decisions.
The technical staff's growth projections foresee a moderate expansion in 2024 of around 0.8% and forecast that by 2025, the economy will enter a significant recovery phase, achieving an annual growth of 3.5%.
Employment
The national unemployment rate decreased in 2023 to 10.4% at the end of the year, driven by the urban area. This was partially offset by the increase in unemployment in other municipalities and the rural area as of the third quarter.
Salaried and formal employment was the most dynamic segment during 2023, with an increase of 2.9%. This was reflected in a decrease of the informality rate from 57.1% at the end of 2022 to 55.1% in December 2023, reaching all-time lows.
Forecasts on the evolution of the unemployment rate for this year suggest that urban unemployment will average between 9.0% and 12.1%, with 10.5 % being the most likely value. In turn, the national unemployment rate could be between 9.3% and 12.4%, with 10.8% being the most likely value.
Inflation and Monetary Policy
Annual consumer price inflation in Colombia peaked at 13.34% in March 2023, and as of April, it began a downward trend, reaching a level of 9.28% at the end of 2023. Thereby, the annual inflation rate returned to single-digit territory after 17 months of remaining above 10%.
In January 2024, inflation continued to decline, at 8.35% yearly, below the technical staff's expectations. This meant a new and important step forward in the process of inflation convergence towards the target.
With clear signs of lower inflationary pressures, the BDBR proceeded to cut the policy rate by 25 bps in each of its December and January sessions, bringing it to 12.75%.
Balance of Payments
According to the information on the balance of payments the current account deficit during 2023 stood at 2.7% of GDP, 3.5 pp of GDP lower than that recorded in the same period of 2022 (6.2% of GDP). All components of the current account contributed to this correction.
The largest adjustment occurred in the trade balance of goods, whose deficit was USD 5,310 million lower than a year ago. This is explained by the significant fall in imports, which exceeded the reduction in the value of exports.
By 2024, Banco de la República's technical staff projects a current account deficit close to 3.0% of GDP in an environment of low economic growth and moderate recovery of domestic demand.
Public Finances
The General Government (GG) deficit was reduced from 6.5% of GDP in 2022 to 2.5% in 2023. This important correction was possible due to the adjustment made in most of the components of this level of government, particularly in the Fuel Price Stabilization Fund (FEPC in Spanish) and in the Central National Government (CNG).
In 2023, the CNG achieved a substantial adjustment to its finances due to the increased tax collections derived from the 2021 and 2022 tax reforms, the higher oil revenues, increased dividends from Ecopetrol, and increased profits from Banco de la República.
By 2024, the CNG’s total and primary deficits are projected to widen by 5.3% and 0.9% of GDP, respectively. The tax revenues would increase from 16.6% of GDP in 2023 to 17.3% in 2024, reaching an all-time high.
Foreign Reserves
Net foreign reserves at the end of 2023 totaled USD 59,608.3 m, i.e., an increase of USD 2,339 m during the year. The main factor explaining this increase is the interests received on investments. The return on foreign reserves during 2023, excluding the foreign exchange component, was 4.0% (USD 2,355 m).
In the last months of the year, there was an increase in investment prices due to the reduction in short and medium-term interest rates in the main markets in which foreign reserves are invested.
The indicators that evaluate foreign reserves suggest that as of December 2023, their level are adequate.
Profits of Banco de la República
At the end of 2023, the Bank's profit was at an all-time high and amounted to COP 9,226 billion, resulting from revenues of COP 14,798 billion and expenses of COP 5,572 billion.
Revenues observed in 2023 were COP 10,350 billion higher than in 2022, mainly due to the yield of foreign reserves. Expenses were COP 2,630 billion higher than those of the previous year, mainly due to the increase in the remuneration of the Colombian Government's deposits in Banrep, given the increases in the interest rate of the monetary policy and higher average balances.
For 2024, profit is projected at COP 10,345 billion, higher than that observed for 2023. This result would be the product of revenues of COP 15,620 billion and expenses of COP 5,275 billion.
Reportes, Boletines e Informes. 2024-09-10
Report of the Board of Directors to the Congress of Colombia - March 2024
Open Access
Actualización trimestral del Reporte de Estabilidad Financiera – Septiembre de 2024
(Banco de la República de Colombia) Gerencia Técnica; Subgerencia Monetaria y de Inversiones Internacionales; Departamento de Estabilidad Financiera
En este documento se realiza una actualización de los principales riesgos que afronta el sistema financiero local. En particular, se evalúa la evolución trimestral de las vulnerabilidades que fueron identificadas en el Reporte de Estabilidad Financiera del primer semestre de 2024: i) cambios súbitos en las condiciones financieras globales; ii) materialización del riesgo de crédito; y, iii) deterioro del desempeño de las instituciones financieras. Adicionalmente, esta actualización busca informar a los participantes de los mercados financieros y al público general sobre los principales mitigantes de estos riesgos e introducir algunos de los análisis que se realizarán con más profundidad en los Informes Especiales de Estabilidad Financiera1 y el Reporte de Estabilidad Financiera del segundo semestre de 2024.
Reportes, Boletines e Informes. 2024-09-10
Actualización trimestral del Reporte de Estabilidad Financiera – Septiembre de 2024
Open Access
Resultados de la encuesta de percepción sobre el uso de los instrumentos para los pagos habituales en Colombia - 2024
(Banco de la República) Departamento de Seguimiento a la Infraestructura Financiera
Cada dos años el Banco de la República (Banrep) realiza la Encuesta nacional sobre provisión de los billetes y monedas e instrumentos de pago (Epbmip), cuyo propósito principal es conocer la percepción de las personas naturales (público general) y jurídicas (comerciantes) con respecto a la provisión del efectivo (monedas y billetes) en la economía. El Departamento de Seguimiento a la Infraestructura Financiera (DSIF) del Banrep incorpora en un módulo de esta encuesta una serie de preguntas dirigidas a examinar aspectos relacionados con las preferencias de dicha población frente al uso de instrumentos de pago (efectivo, transferencias, tarjetas y cheques), cuando realiza la compra de bienes y servicios habituales mensuales, es decir, los pagos relacionados con la compra de alimentos, bebidas, vestuario y pagos por servicios públicos, así como los de transporte y vivienda. De esta forma, las mediciones que se capturan en este módulo de la encuesta no incluyen los pagos relativos a bienes y servicios suntuarios, durables ni los generados en el mercado de activos financieros (i. e.: el pago por electrodomésticos, vehículos, obligaciones financieras diferentes a créditos hipotecarios, o compra de acciones o títulos de deuda pública).
Las preguntas de la encuesta sobre el uso y aceptación de instrumentos de pago han sido el mecanismo para identificar cómo ha evolucionado el uso del efectivo durante la última década (desde 2012), lo cual ha permitido superar los límites que impone su baja trazabilidad, pues no dispone, a diferencia de los instrumentos electrónicos (tarjetas débito y crédito, cheques y transferencias), del registro de las operaciones que con este se liquidan. Los resultados que se presentan en este informe corresponden a la sexta encuesta, aplicada entre octubre y noviembre de 2023. Esta información, tanto para el público en general como para el comercio, permite calcular el porcentaje de uso del efectivo respecto a los otros instrumentos y las razones de su preferencia en los pagos habituales. También hace posible identificar el acceso y uso a otros instrumentos de pago, así como la caracterización demográfica de la población que los emplea (edad, estrato, nivel de ingresos, nivel educativo, aporte a la seguridad social, entre otros).
Reportes, Boletines e Informes. 2024-09-09
Encuesta de la percepción sobre el uso de los instrumentos de pago en Colombia - 2024