Colombia Economic Outlook
August 9, 2016Colombia’s economy started off the year on a soft footing, growing at the slowest pace in almost seven years in Q1. The low-commodity-price environment has damaged the country’s important mining and energy sector and led consumer confidence to fall to historic lows. More recent data for Q2 suggest that economic activity is still struggling: industrial production decelerated in May and the unemployment rate ticked up in June. Moreover, low oil prices have put pressure on government finances and widened the current account deficit, leading Fitch Ratings to revise Colombia’s outlook from stable to negative in July. Against this backdrop, the government unveiled the budget for 2017, which slashes social spending by 10%. Despite the cuts, a rise in debt servicing expenses due to the depreciated value of the peso caused the budget to come in at USD 7.6 billion, nearly 7% larger than the previous year’s.
Colombia Economy Data
5 years of Colombia economic forecasts for more than 30 economic indicators.
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|Bond Yield||7.69||-0.39 %||Aug 03|
|Exchange Rate||3,094||-0.29 %||Aug 03|
|Stock Market||9,599||0.16 %||Aug 03|
Colombia Economic Growth
August 9, 2016The FocusEconomics panel sees GDP growth slowing to an over-decade low this year due to external headwinds. However, recent strides toward securing a peace agreement with the FARC are positive for the country’s outlook. Analysts expect the economy to grow 2.3% in 2016, which is unchanged from last month’s forecast. For 2017, the panel projects economic growth of 2.9%.
Colombia Economic News
August 17, 2016
The Fedesarrollo consumer sentiment index fell from June’s minus 11.3 points to minus 14.9 points in July.
August 16, 2016
Industrial production rose 6.6% annually in June, which was up from May’s 4.5% increase.
August 5, 2016
In July, consumer prices rose 0.52% over the previous month, which was higher than the 0.48% rise registered in June.
August 2, 2016
Colombian exports shrank for the 21st consecutive month in June.
July 29, 2016
At its 29 July monetary policy meeting, the seven-member board of the Central Bank (BanRep) raised the policy interest rate from 7.50% to 7.75%, matching market expectations.