Colombia Economic Outlook
March 13, 2018The economy lost traction for the fourth consecutive year in 2017, expanding at the weakest pace in eight years. Annual GDP growth lost momentum in the final quarter after picking up in the previous three quarters. Private consumption growth fell sharply from Q3 and was the primary factor behind the slower economic expansion in Q4. Higher inflation, along with sluggish growth in private credit, discouraged household spending. Prospects furthermore look fairly dim at the outset of 2018. While consumer confidence rose to the highest level in just over a year in January, it remained in pessimistic territory, and unemployment reached a two-year high in the month. In the legislative elections held on 11 March, voters turned to right-wing parties critical of the peace deal brokered with FARC rebels. Ex-President Álvaro Uribe’s conservative Democratic Party won the most seats in parliament. Meanwhile, FARC—the former guerilla movement turned political party—failed to garner support for its radical agenda and will only hold the 10 seats guaranteed under the 2016 peace agreement.
Colombia Economic GrowthThe economic recovery should pick up pace this year as domestic demand improves. An upturn in private consumption growth is expected against an anticipated decline in inflation. Growth in fixed investment should also accelerate amid more favorable financing conditions. Diversifying the economic structure and boosting productivity in the lackluster non-oil sector will, however, be crucial to achieving sustainable growth. FocusEconomics panelists expect GDP growth of 2.6% in 2018, which is unchanged from last month’s forecast, and 3.0% in 2019.
Colombia Economy Data
5 years of Colombia economic forecasts for more than 30 economic indicators.
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|Bond Yield||6.53||0.0 %||Mar 15|
|Exchange Rate||2,848||-0.17 %||Mar 15|
|Stock Market||11,398||-0.66 %||Mar 15|
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Colombia Economic News
March 5, 2018
According to the National Department of Administrative Statistics (DANE), exports continued soaring at a double-digit pace in January, expanding for the fifteenth consecutive month.
February 22, 2018
The economy lost ground in 2017, as full-year economic growth fell short of the level reached in the preceding year, edging down to 1.8% from 2.0% in 2016.
February 15, 2018
The Fedesarrollo consumer confidence index climbed to minus 5.4 points in January, up from minus 6.0 points in December, which marks the best result since November 2016.
February 14, 2018
Industrial production contracted 0.8% over the same month of 2016 in December, according to data released by Colombia’s National Administrative Department of Statistics (DANE) on 14 February.
February 5, 2018
Exports surged 13.6% year-on-year in December, a substantial rise from November’s 6.7% increase.