Colombia Economic Outlook
February 12, 2019
The economy appears to have picked up last year, thanks to a turnaround in the oil sector. On the demand side, private consumption accelerated on reduced inflationary pressures in the first three quarters, but a marked deterioration in consumer confidence in Q4 signals household spending cooled in the quarter. This is likely due to the recently-approved tax reform bill, which will raise personal income taxes for high-income earners. That said, a weak construction sector and the government’s fiscal consolidation drive restrained growth in overall economic activity. In other news, amid dwindling popularity for President Iván Duque, the government announced that planned reform to the pension system, with the overall aim of reducing social security spending, would not be implemented this year. Instead, more time will be spent assessing its likely impacts.Colombia Economic Growth
Momentum should strengthen in 2019, primarily thanks to a marked upturn in fixed investment. In a bid to boost foreign investment in crude and gas production, the country is set to award oil contracts for the first time in four years. The tighter labor market should also propel private consumption. Measures underway to improve the fiscal account, however, will likely restrain the pace of expansion. Risks to the outlook stem from lower oil prices and less favorable global financial conditions. Met the why particular panelists expect GDP to grow 3.1% 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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Colombia Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 6.67 | 0.0 % | Feb 14 |
| Exchange Rate | 3,151 | -0.17 % | Feb 14 |
| Stock Market | 12,002 | -0.66 % | Feb 14 |
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Colombia Economic News
Colombia: Industrial productions contracts for the first time in nine months in December
February 14, 2019
According to data released by Colombia’s National Administrative Department of Statistics (DANE) on 14 February, the industrial sector contracted for the first time in nine months in December.
Colombia: Exports swing to contraction in December
February 5, 2019
According to the National Department of Administrative Statistics (DANE), exports swung to contraction in December from expansion in the previous month.
Colombia: Inflation remains stable in January
February 5, 2019
According to the National Department of Administrative Statistics (DANE), consumer prices rose 0.60% over the previous month in January, following a 0.30% month-on-month upturn in December.
Colombia: Manufacturing PMI nosedives at the outset of the year
February 1, 2019
Colombia’s manufacturing sector slammed the brakes in January, on the heels of a five-month slump.
Colombia: Central Bank stays put at first meeting of the year
January 31, 2019
At its Board of Directors meeting held on 31 January, Colombia’s Central Bank (Banco de la República, BanRep) maintained the benchmark interest rate at 4.25%, where it has been since 27 April when the Bank cut the rate by 25 basis points.
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