In October 2025, the Commercial Confidence Index (ICCO) rose to 22.1%, an increase of 1.7 percentage points from the previous month. However, the Industrial Confidence Index (ICI) fell to 4.9%, down 4.1 points. These indicators, produced by Fedesarrollo, show mixed trends in Colombia's business sector.
The Commercial Confidence Index (ICCO), produced by Fedesarrollo, reached 22.1% in October 2025, marking an increase of 1.7 percentage points compared to September (20.4%). This improvement is attributed to a 2.0-point rise in expectations for the economic situation over the next semester, a 1.6-point increase in the perception of the current economic situation of businesses, and a 1.5-point drop in inventory levels. Compared to October 2024, the ICCO rose 4.3 points.
The three-month moving average of the ICCO stood at 23.0%, a decrease of 1.7 points from September 2025 (24.7%), but an advance of 8.4 points versus October 2024 (14.6%).
Meanwhile, the Industrial Confidence Index (ICI) recorded 4.9% in October 2025, down 4.1 points from September (9.0%). Fedesarrollo noted that this negative monthly variation was due to a 16.3-point fall in production expectations for the next quarter and a 4.9-point increase in inventory levels, partially offset by an 8.9-point rise in current order volumes. Relative to October 2024, the ICI increased 5.3 points.
The three-month moving average of the ICI was 6.4%, with a slight decline of 0.6 points from September 2025 (7.0%) and a rise of 6.6 points compared to October 2024 (-0.2%). These figures underscore resilience in commerce amid pressures in industry.