Colombia’s economy is most likely to grow 4% and not reach the 4.5% GDP growth as projected by the government, analysts consulted by news agency Reuters said.
According to experts consulted by the news agency, this year’s growth is most likely to be the same as last year.
The Colombian government started off the year expecting the country’s growth domestic product (GDP) to grow 4.8% but was forced to lower its expectation to 4.4% or 4.5% last week citing disappointing Q1 growth as reason.
MORE: Colombia lowers economic growth expectation for 2013
However, experts consulted by Reuters said the economic slowdown is likely to have a much larger impact on the full year’s growth than the government is estimating.
“The Colombian economy maintained a dynamic of economic slowdown in the first quarter. This is shown in the weak industrial production rate, a lower growth rate in retail sales and a deterioration of additional variables such as cement shipments,” one analyst was quoted as saying.
FACT SHEET: Colombia GDP statistics
Colombia’s GDP growth since 2000
Sources
- Colombia no llegaría este año al 4,5% de PIB (Reuters Español)