Colombia’s central bank said Monday the country’s economic growth has likely slowed down in this year’s first quarter compared to the first three months of 2012.
While the economy of the South American country grew 3.1% in the first quarter of last year, Central Bank president Jose Dario Uribe told press his office estimates that this year the growth slowed down to 2.8%.
The central bank official said the economic slowdown was mostly due to a decrease in consumer confidence and the global economy, which has been under pressure after the housing crisis in the U.S. and the subsequent Euro crisis in mainland Europe.
Uribe said he expected the Colombian economic growth to recover later this year when government plans to stimulate the economy take effect. By the end of the year, the Colombian Gross Domestic Product (GDP) could have grown 5%, he added.
Statistica agency DANE last month estimated Colombia’s GDP grew 4% during 2012.