Colombia on Tuesday lowered its economic growth expectation for 2013 to 4.4% to 4.5% against an initial expectation of 4.8%.
According to Finance Minister Mauricio Cardenas, the slightly lower expected growth of the country’s Gross Domestic Product (GDP) is due to disappointing growth figures in the first quarter of this year.
The central bank in April announced that growth in Q1 had most likely been 2.8% against 3.1% in the same period last year.
MORE: Central Bank says Colombian economy slowed down in Q1
Vice-minister Andres Restrepo last week already told Reuters the disappointing growth figures were forcing the government to adapt its expectations over the entire year.
“The news of the first quarter wasn’t very good. This puts us at a lower starting point at the beginning of the year and makes the target of 4.8[%] difficult” [to reach], the official was quoted as saying by the British news agency.
According to Cardenas, this year’s economic growth is supported by a weakening dollar that he expects to stay close to COP1,900, its lowest value in almost a year and a half.
MORE: Colombian peso drops to 17-month low; Dollar hits COP1,900 mark
While Colombia’s expected growth is lower than anticipated at the beginning of the year, it is still higher than last year when the GDP grew 4%.
FACT SHEET: Colombia GDP statistics