Colombia Economic Outlook
April 17, 2018In 2017, the economy grew at the slowest pace in eight years owing to persistently weak domestic demand. Available data, however, points to a revival in growth at the start of the year, suggesting a turning point for the economy. Retail sales accelerated sharply in January, expanding more than 10-fold in annual terms from December. Moderating inflation, which fell to within the Central Bank’s target range for the first time in January 2018 since September 2017 and dropped to the lowest level in three and a half years in March, has bolstered consumers’ purchasing power, translating into a turnaround for the retail sector. However, a loss of confidence among consumers in February suggests growth in private consumption weakened slightly in the month. Moreover, exports picked up mildly in January but lost considerable ground in February. Primary run-offs for the upcoming presidential election confirmed Iván Duque, from ex-President Álvaro Uribe’s Centro Democrático party, as the main contender on the right, and Gustavo Petro on the left. Duque is currently leading in the polls.
Colombia Economic GrowthThe economy should enter the recovery phase this year, thanks to stronger domestic demand and an upturn in crude oil prices. Moreover, increased oil exploration activities should help boost growth in the medium-term. Dependence on oil, however, leaves the economy exposed to the same external shocks that induced a slowdown in 2015–2016. Investment in the non-oil sector will be crucial to attaining sustainable growth. FocusEconomics panelists expect GDP growth of 2.5% in 2018, which is down 0.1 percentage points 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||6.46||0.0 %||Apr 20|
|Exchange Rate||2,760||-0.17 %||Apr 20|
|Stock Market||12,368||-0.66 %||Apr 20|
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Colombia Economic News
Colombia: Wins for market-friendly parties in the legislative election are seen as a positive step for economic stabilization
April 16, 2018
Colombia is gearing up for the first round of its important presidential election on 27 May, which will be followed by a second round on 17 June if no candidate captures more than 50% of the vote.
April 5, 2018
According to the National Department of Administrative Statistics (DANE), the annual pace of expansion in exports moderated from 14.6% in January to 8.3% in February.
April 5, 2018
According to the National Department of Administrative Statistics (DANE), consumer prices rose 0.24% over the previous month in March, after increasing 0.71% in month-on-month terms in February.
March 14, 2018
The Fedesarrollo consumer confidence index dropped to a three-month low of minus 7.8 points in February, down from minus 5.4 points in January.
March 14, 2018
Industrial production rose 1.0% over the same month of the previous year in January according to data released by Colombia’s National Administrative Department of Statistics (DANE) on 14 March.