Colombia Economic Outlook
January 20, 2015Colombia’s economy slowed further in Q3, moderating from Q2’s 4.3% annual expansion to a slightly-weaker, but still solid, 4.2%. While slower private consumption and public spending were behind the deceleration, the external sector did improve. More recent indicators paint a mixed picture: consumer confidence remained solid in December. However, in November, industrial production shrank and falling oil exports prompted the steepest decline in exports in over five years. The drop in global oil prices, which will likely weaken the energy sector and drive down public revenues, prompted the government to revise down its growth and fiscal targets for 2015. In an effort to contain the deficit, the government enacted a tax reform recently that extends and modifies existing wealth and profits taxes and also extends a charge on banking transactions. Meanwhile, the Colombian peso plunged to a five-year low in January on the falling oil price. Oil exports are the country’s key export and its most important source of foreign exchange.
Colombia Economic Data
5 years of Colombia economic forecasts for more than 30 economic indicators.
|Bond Yield||6.52||-1.21 %||Jan 23|
|Exchange Rate||2,385||0.52 %||Jan 23|
|Stock Market||10,794||0.78 %||Jan 23|
Colombia Economic Growth
January 20, 2015Colombia’s economic prospects continued to weaken on expectations of falling oil revenues. LatinFocus Consensus Forecast panelists project the economy to grow 3.9% in 2015, which is down 0.4 percentage points from last month’s projection. For 2016, the panel sees economic growth of 4.1%.
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Colombia Economic News
January 19, 2015
The Fedesarrollo consumer sentiment index dropped from 24.7 points in November to 22.4 points in December.
January 16, 2015
In November, industrial production (excluding coffee threshing) shrank 0.9% over the same month of the previous year, which came in below the flat reading tallied in October.
January 14, 2015
The Colombian peso (COP) depreciated against the U.S. dollar in January, continuing the trend that has been in place since July last year.
January 8, 2015
Exports shrank a notable 22.6% in November over the same month of the previous year, coming in below October’s 12.6% drop.
December 19, 2014
The Central Bank (BanRep) left its reference interest rate unchanged at 4.50% at its 19 December monetary policy meeting.