Colombia Economic Outlook
July 9, 2019Available data suggests that the relatively weak dynamics of Q1 persisted in the second quarter. Retail sales growth eased in April, which, coupled with consumers turning more pessimistic, on average, in April–May compared to the first quarter, signals that private consumption lost some strength. Furthermore, industrial production contracted for the first time in over a year in April. This, alongside the manufacturing PMI entering contractionary territory in June, following fairly positive readings in April and May, hints at softer business activity in Q2. In other news, the government announced in early June that the original fiscal deficit targets of 2.4% and 2.2% of GDP will be maintained this year and next, respectively, despite being allowed to relax them to address the influx of Venezuelan migrants. Some concern remains, however, over the credibility of the pace of fiscal consolidation.
Colombia Economic GrowthThe economy is expected to gather some momentum this year, primarily on the back of upbeat capital spending on infrastructure and oil-sector projects, and solid private consumption. That said, fiscal tightening and slower export growth are seen weighing on overall activity. Uncertainties surrounding fiscal reform and a challenging external environment cloud the outlook. FocusEconomics panelists expect GDP to grow 3.0% in 2019, which is down 0.1 percentage points from last month’s forecast, and 3.2% in 2020.
Colombia Economy Data
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|Bond Yield||5.90||0.0 %||Jul 11|
|Exchange Rate||3,199||-0.17 %||Jul 11|
|Stock Market||13,005||-0.66 %||Jul 11|
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Colombia Economic News
July 15, 2019
The rand strengthened in recent weeks, thanks to favorable developments on the global stage.
July 15, 2019
Industrial production rose 3.2% over the same month of last year in May, rebounding from a 1.3% year-on-year drop in April, according to data released by the country’s National Administrative Department of Statistics (DANE) on 15 July. A breakdown by industrial activity revealed that the upturn was due to a surge in the manufacture of other chemicals, along with solid growth in the output of non-metallic mineral products and preparation of beverages.
July 5, 2019
The Colombian peso strengthened in recent weeks, thanks to higher oil prices and a weaker U.S. dollar.
July 5, 2019
Consumer prices rose 0.27% over the previous month in June, following a 0.31% month-on-month increase in May.
July 3, 2019
Exports rose 1.2% over the same month of the previous month in May, following the 2.2% year-on-year rise in April.