An economic analysis by Lumen Economic Intelligence shows that Colombian government spending accounted for 63% of the country's economic growth over the past three quarters, with GDP growth falling to just 1.2% in Q1 2026 if public consumption were excluded. The finding suggests the country's recovery is fragile, with private investment still 10.7% below pre-pandemic levels and fiscal deficits projected above 6% of GDP, prompting analysts to call for gradual fiscal consolidation.