Energy, education and health lead budget execution through March

Colombia's Ministry of Finance reported 20% execution of the General National Budget by the end of the first quarter of 2026. The ministries of Energy and Mines, Education, and Health showed the highest progress after debt service. Obligations reached $109.5 trillion and commitments $187.3 trillion.

Colombia's Ministry of Finance released preliminary budget execution figures as of March 2026 on its Economic Transparency Portal. They indicate 20% progress on current appropriations in the General National Budget. Effective payments totaled $105 trillion during the period.

Debt service led with 33% execution, the highest among all sectors. Excluding this, the Ministry of Mines and Energy achieved 26.6%, followed by Education at 22.4%, Congress of the Republic at 22%, Health at 21.5%, and Foreign Affairs at 21.2%.

Entities with the lowest execution were the National Registry at 7.8%, the Presidency of the Republic at 4.7%, and the Ministry of Science and Technology at 4%. These figures reflect resource usage through the first quarter of the year.

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Colombian Finance Minister presenting 2026 economic projections including dollar rate at $3,801 and Brent oil at $59.2, amid charts and a skeptical press audience.
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Colombian government projects dollar at $3,801 and brent at us$59.2 for 2026

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The Ministry of Finance published the Financial Plan for 2026, projecting 2.6% GDP growth and 5.8% inflation. The document estimates an average dollar rate of $3,801 and Brent barrel at US$59.2, though analysts warn of calculation errors and lack of concrete measures for fiscal cuts. The publication was delayed by more than a month compared to previous years.

Colombia's Ministry of Finance reported that Foreign Affairs, Education and Health had the highest budget executions at the end of February 2026, at 16%, 14.4% and 13.3% respectively. The overall average across sectors was 10.4%. Science, Technology and Innovation, Sports and Housing lagged with 2.7%, 2.5% and 1%.

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The Ministry of Finance reported that Education, Health, and Science, Technology and Innovation sectors closed 2025 with the highest budget execution rates, reaching 97.3%, 96.1%, and 95.4% respectively. In contrast, Presidency, Transport, and Agriculture had the lowest, at 40.9%, 43.5%, and 59.5%. The overall average without debt was 86.5%.

The National Administrative Department of Statistics (Dane) reported that Colombia's economy grew 2.6% in 2025, below expectations of 2.8%. In the fourth quarter, GDP expanded 2.3%, driven by household consumption, the public sector, and cultural activities like concerts. Investment fell 2.9%, the lowest level in two decades.

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President Gustavo Petro declared an economic emergency to address the crisis from heavy rains in northern Colombia. The measure aims to raise $8 billion through a temporary wealth tax on large companies and other levies. Critics question the management of existing resources and warn of economic impacts.

The Ministry of Finance held an auction of Treasury Titles (TES) worth 450 billion pesos, denominated in Real Value Units (UVR), maturing in 2031, 2041, 2055, and 2062. The Comptroller General backed the operation, confirming its legality and that it does not create new debt, while President Gustavo Petro defended the move to manage government liquidity.

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Colombia ended 2025 with a current account deficit of 2.4% of GDP, according to Credicorp Capital's analysis of Banco de la República data. This rise from 1.7% in 2024 stems mainly from a wider trade imbalance. While foreign direct investment covered the deficit, forecasts for 2026 point to increased vulnerability.

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