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Economic growth

Microbusiness Survey - Emicron

According to DANE, micro-businesses are economic units with a maximum of 9 employed persons that develop a productive activity, with the purpose of obtaining an income, acting as owner or lessee of the means of production.

The economic activities carried out by micro-businesses range from small neighborhood grocery stores to specialized consulting services, including the liberal professions, street sales and home-based clothing.

In Colombia, during the second quarter of 2021, micro-businesses increased by 9.5%, compared to the same quarter of 2020. The number of personnel employed by this type of economic units increased by 8.5% and sales or income by 57.5%.

The comparison with the pre-pandemic period allows us to conclude that, in the first two quarters of 2021, microbusinesses, the personnel they employ and their sales or income have decreased. Indeed, in the second quarter of 2021, the number of microbusinesses decreased 6.8% compared to the same quarter of 2019. The personnel employed by this type of economic units, decreased 12.3% and sales or income 30.0%.

Number of microbusinesses by status of business or activity

In Colombia, during the first quarter of 2021, 92.6% of the 5.5 million micro-businesses were open and only 0.5% were permanently closed, which shows that economic reactivation is a fact for the smallest businesses. Looking at the status of microbusinesses since the third quarter of 2020, 77.8% were open in that period; one quarter later, there was a 13.4 pp increase in the percentage of open microbusinesses, with 91.2% of the 5.7 million microbusinesses open in the fourth quarter of 2020.

Number of microbusinesses according to channels affecting the operation

While in the third quarter of 2020, 57.3% of the 5.0 million microbusinesses reported that they reduced workers or hours worked, in the second quarter of 2021, this share decreased by 19.2 pp to 38.0%.

In the second quarter of 2021, 2.0 million microbusinesses reported a decrease in cash flow, representing 36.3% of the total. In the third quarter of 2020, 3.1 million micro-businesses were identified as being affected by a decrease in cash flow.

Number of microbusinesses according to channels affecting the operation

During the period of gradual start of the economic reactivation, 79.3% of the micro-businesses in operation in the third quarter of 2020 reported that the demand for products or services decreased. In the second quarter of 2021, the positive dynamics of the economy and the results of the reactivation are evident in the smaller economic units, in fact, 24.5% of the 5.5 million micro-businesses reported that the demand for goods and services increased, a quarter earlier this percentage stood at 5.8%.

During the second quarter of 2021, 42.5% of micro-businesses reported having knowledge of government policies to support the private sector. Of this total, 22.0% were beneficiaries or requested this type of support.

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