Colombia Economic Outlook
September 15, 2015The Colombian economy grew 3.0% annually in Q2, which marked a slight acceleration compared to Q1’s 2.8% but remained lower than expansions seen in previous years. The fall in oil prices resulted in a sharp drop in exports, which have been declining since October 2014. Recent data suggest that the economy has been losing momentum since the start of Q3. In July, exports shrank at the steepest rate on record and consumer confidence hit a four-month low. The Colombian peso weakened to a multi-year low against the U.S. dollar at the end of August, amid emerging market volatility following the surprise depreciation of the Chinese yuan. Despite the expected fall in fiscal revenues due to the weaker growth and low oil prices, Colombia’s government reaffirmed its willingness to increase 2016’s budget by 2.3% to support the economy. Meanwhile, a humanitarian crisis began at the end of August as more than 20,000 Colombians living on Venezuela’s western border region have been deported or forced to flee the country. Venezuelan President Nicolas Maduro began a campaign to expel irregular Colombians ahead of the upcoming elections, blaming them for smuggling subsidized goods causing chronic shortages of oil and basic food products. Maduro decided to close several major border crossings on 20 August.
Colombia Economic Data
5 years of Colombia economic forecasts for more than 30 economic indicators.
See all the data and analysis available in each of our Regional and Country reports.
|Bond Yield||7.72||-0.52 %||Oct 06|
|Exchange Rate||2,916||-1.54 %||Oct 06|
|Stock Market||9,575||1.59 %||Oct 06|
Colombia Economic Growth
September 15, 2015Despite the efforts of the government and an extensive stimulus plan to counter the adverse commodity shock, low oil prices will dampen exports and drag on growth this year. LatinFocus panelists expect the economy to grow 3.0% in 2015, which is down 0.2 percentage points from last month’s projection. For 2016, the panel projects economic growth of 3.0% as well.
Colombia Economic News
October 7, 2015
The Colombian peso (COP) has been depreciating rapidly since the second half of May 2015.
October 6, 2015
In August, exports shrank 41.6% over the same month last year, coming in below July’s 40.5% drop and marking a new multi-year low.
October 6, 2015
In September, consumer prices rose 0.72% over the previous month, which came in above the 0.48% price increase registered in August.
September 25, 2015
In a unanimous decision, the seven members of the Central Bank (BanRep) Board decided to increase the reference interest rate by 25 basis points from 4.50% to 4.75% at the Bank’s 25 September monetary policy meeting.
September 23, 2015
GDP grew 3.0% over the same quarter of the previous year in Q2, which came in above the 2.8% increase registered in Q1.