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Goldman Sachs

February 13, 2026

Colombia Soft Core Retail Sales and Manufacturing in December

Macro ThematicMacro Economic IndicatorsConsumer DiscretionaryEnergy

Colombia's December data showed a significant slowdown, with core retail sales falling 1.7% month-over-month and manufacturing production contracting 0.6% year-over-year. The weak Q4 performance leads to a negative growth carryover for early 2026.

Key Takeaways

  • 1.Core retail sales saw a 1.7% sequential decline in December, largely a pullback from strong Black Friday sales in November.
  • 2.Manufacturing production remains weak, recording its first annual contraction since April (-0.6% yoy) and a 1.6% contraction for Q4.
  • 3.Goldman Sachs maintains a 2026 growth forecast of 2.4% for Colombia, which is below market consensus.

Table of Contents

  • BOTTOM LINE
  • KEY NUMBERS (December)
  • DETAILS
  • Disclosure Appendix
  • Reg AC
  • Disclosures
  • General disclosures

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