BOGOTA: Colombia’s central bank said that it expects the Andean nation’s gross domestic product to grow by 3 percent this year.
“The bank’s staff has revised its growth forecast to 3 percent this year,” Banco de la Republica managing director Jose Dario Uribe told Radio Caracol. “If we grow 3 percent this year, we will rank among … Latin America seven largest economies.”
Following the release of the first quarter GDP number the government projected 3.6 percent growth for the year, while President Juan Manuel Santos predicted an increase of between 3 percent and 3.5 percent.
The central bank’s forecast is in line with estimates by Bancolombia, the country’s largest financial group, which calls for 3.1 percent growth.
In a report released Tuesday, Bancolombia said the 3 percent estimate by the central bank reflects indicators of economic activity during the third quarter “showing a performance more dynamic than previously projected.”
Colombia’s economy grew 3 percent in the second quarter and by 2.9 percent overall in the first half of 2015.
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