Colombia Economic Outlook
March 17, 2020The economy lost some steam in the fourth quarter of last year on softer fixed investment and household consumption growth, yet remained solid overall. Meanwhile, incoming figures for early 2020 are mixed, with downside risks mounting amid the spread of the coronavirus: Although the manufacturing PMI averaged higher in January–February from Q4, it dropped in February on slowing new orders, while consumer confidence improved in January as consumers were less pessimistic about their personal finances. However, the spread of the coronavirus pandemic and the oil price shock have caused the peso to plunge to record lows and could pressure external and fiscal revenues. In light of this, on 11 March the government announced measures to alleviate the tourism and aviation sectors, including a COP 250 billion credit line subsidized by the government, while the Central Bank increased market liquidity by, among other measures, expanding the quota of auctions to USD 4.4 billion.
Colombia Economic GrowthEconomic growth is expected to stay solid this year on the back of solid fixed investment growth amid lower corporate taxes and fiscal exemptions. However, downside risks to the outlook have mounted due to lower oil prices and adverse effects of the coronavirus outbreak, as well as social unrest and political tensions on the domestic front. FocusEconomics panelists project GDP to grow 3.0% in 2020, which is down 0.2 percentage points from last month’s forecast, and 3.2% in 2021.
Colombia Economy Data
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|Bond Yield||6.08||0.0 %||Dec 30|
|Exchange Rate||3,287||-0.17 %||Jan 01|
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Colombia Economic News
March 27, 2020
Colombia’s Central Bank (BanRep) cut the benchmark interest rate by 50 basis points to 3.75% at its latest Board of Directors meeting on 27 March.
March 16, 2020
The Colombian peso dived sharply in early March amid the rapid spread of the coronavirus pandemic and the significant drop in oil prices.
March 13, 2020
Industrial production from the manufacturing sector increased 3.7% in an annual basis in the first month of 2020, following the revised 3.5% rise in December (previously reported: +3.2% year-on-year) and marking the highest reading since July 2019, according to the Statistical Institute (DANE).
March 6, 2020
Consumer prices rose 0.67% over the previous month in February, accelerating from January’s 0.42% increase and marking the fastest rise in two years.
March 3, 2020
Business conditions in Colombia’s manufacturing sector continued to improve in February, although at a softer pace than in January.