Colombia Economic Outlook
May 17, 2016The light at the end of the tunnel in Latin America’s longest-running civil war may be approaching. After reshuffling his cabinet with members more supportive of a peace accord, President Juan Manuel Santos’ government and the FARC rebels have attempted to safeguard the peace process by making it constitutionally binding. This would prevent interference in the peace talks from fierce political opposition. The president has stated that he will propose the constitutional amendment to Congress this week. Although Santos has made ending the long-running conflict a priority, the absence of an agreement so far has cost him support amongst voters. Further, he must also address the deteriorating economic situation: consumer confidence is still abysmal, in part due to surging prices for food and other consumer goods, and the labor market is showing signs of weakness.
Colombia Economy Data
5 years of Colombia economic forecasts for more than 30 economic indicators.
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|Bond Yield||8.09||-0.37 %||May 20|
|Exchange Rate||3,052||-0.15 %||May 20|
|Stock Market||9,802||-0.13 %||May 20|
Colombia Economic Growth
May 17, 2016Colombia is facing external challenges associated with the low price of hydrocarbons, a primary export good. High inflation is harming consumer sentiment, which could negatively impact consumption this year. Furthermore, the uncertainty surrounding peace negotiations could also negatively impact growth. Analysts expect the economy to grow 2.4% in 2016, which is unchanged from last month’s forecast. For 2017, the panel projects economic growth of 3.0%.
Colombia Economic News
May 16, 2016
In March, industrial production rose 1.4% over the same month last year, which marked a drastic deceleration compared to the 8.3% increase recorded in February and was an eight-month low.
May 6, 2016
In April, consumer prices rose 0.50% over the previous month, which was a smaller increase compared to the 0.94% rise registered in March and undershot market expectations of a 0.61% increase.
May 3, 2016
In March, exports shrank 33.4% over the same month last year, which was a more severe contraction than February’s 26.7% drop.
April 29, 2016
At its 29 April monetary policy meeting, the Central Bank (BanRep) raised the policy interest rate from 6.50% to 7.00%.
April 18, 2016
The Colombian peso (COP) had been appreciating steadily since February as it followed a rally in oil prices ahead of a 17 April meeting of OPEC and non-OPEC countries in Doha.