August 14, 2022

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The Dane announced that the national economy grew at an annual rate of 9.3% in October

The Dane announced that the national economy grew at an annual rate of 9.3% in October

file image. A worker counts Colombian peso bills at a store in Bogota, Colombia. December 28, 2018 (Reuters) / Luisa Gonzalez

The Danish National Statistics Service has revealed the Economic Monitoring Index (ISE) figures for the month of October 2021. The report notes that the national economy grew at an annual rate of more than 9% this month.

According to Dane, in October 2021, ISE, in its original series, presents a 9.3% compared to the same month in 2020, recording a decrease of 4.4%.

Although this is a high number, it is a record low since March of this year, when there was a growth of 11.7%. It should be remembered that, for this month, a forecast was made between 9.5 and 11.0%.

The Dane also revealed that the economic activities that contributed the most to the growth of the month were triangular activities, which contributed 8 percentage points to ISE’s annual variance in its original series.

The authority added: “In its adjusted series for seasonal and calendar effects, for the month of October 2021, the ISE grew by 9.1% compared to October 2020, when it recorded an annual decrease of 4.4%.”

ISE notes that for October of this year in its original series, Initial activities grew by 1.7% It contributes 0.2 percentage points to the annual variance of this indicator. Secondary activities growth 6.6% They contribute 1.1 percentage points to ISE annual variance and higher education activities grow 11.1% and contribute 8.0 percentage points to ISE annual variance.

In October 2020, primary, secondary and tertiary activities decreased by 8.3%, 7.9% and 2.6%, respectively, compared to October 2019.

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ISE also noted that in the original October 2021 series, primary, secondary and tertiary activities present annual variances of 1.7%, 6.6%, and 11.1%, respectively. However, in the series adjusted for seasonal and calendar influences, Only the third activities exceed the levels reached in February 2020, last month without the effects of the measures related to the epidemic, with 5.9 points above, while primary and secondary activities, in their order, are 8.8 and 2.4 percentage points lower than the levels recorded in February 2020.

According to Dane, the Economic Watch Index is a synthetic indicator that aims to provide a measure of the development of the real activity of the economy in the short term, which is adjusted according to the methodology used in the national accounts on a quarterly basis.

Increase interest rates on monetary policy

On Friday, December 17, the Banco de la República announced a rate increase. The increment is 0.5%, so the final figure is 3%.

The Banco de la República board of directors voted 4 to 3 to determine the rate increase. Three members stated that the increase should be 75 percentage points, not 50 points.

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