Peace talks with Colombia’s ELN guerrillas ‘about to...
Colombia’s largest paramilitary group announces unilateral ceasefire
The men and women who will govern Colombia...
Gustavo Petro sworn in as Colombia’s new president
Colombia to seek decriminalization of drugs despite US...
Colombia’s failing state | Part 6: indigenous under...
How serious is Colombia’s president-elect about fighting corruption?
How violent Colombia became while Duque was in...
Medellin’s secret history of violence against women and...
How hostility to the press ended up isolating...
  • About
  • Support
  • Newsletter
  • Contact
Colombia News | Colombia Reports
  • News
    • General
    • Analysis
    • War and peace
    • Elections
    • Economy
    • Culture
    • Sports
    • Science and Tech
  • Travel
    • General
    • Bogota
    • Medellin
    • Cali
    • Cartagena
    • Antioquia
    • Caribbean
    • Pacific
    • Coffee region
    • Amazon
    • Southwest Colombia
    • Northeast Colombia
    • Central Colombia
  • Data
    • Economy
    • Crime and security
    • War and peace
    • Development
    • Cities
    • Regions
    • Provinces
  • Profiles
    • Organized crime
    • Politics
    • Armed conflict
    • Economy
    • Sports
  • Lite
  • Opinion
Economy

Colombia’s current account deficit decreased significantly

by Adriaan Alsema October 1, 2008

Colombia’s current account in the first half of the year registered a
deficit equivalent to 2.2% of the country’s gross domestic product of
the period, down from a deficit equivalent to 3.9% of GDP in the first
half of 2007, the central bank said Tuesday.

In absolute terms, Colombia’s current account deficit was US$2.39 billion
in the first half, compared with a deficit of US$3.38 billion in the same
period in 2007.

The current account deficit narrowed as
Colombia registered a trade surplus of US$1.56 billion in the first half
compared with a deficit of $826 million in the year-ago period.

Export revenue was boosted by commodity prices and by higher demand from Venezuela for manufactured goods.

The difference was partly offset by an increase of the money foreign
companies made in Colombia that was transferred to the companies’ home
countries.

Foreign companies repatriated US$5.23 billion in the first half, up from $3.81 billion in the same period in 2007.

On the other hand, the capital account posted a surplus of US$3.87
billion in the first half, down from US$7.41 billion in the same period a
year ago.

Foreign direct investment rose in the first half to US$5.24 billion from US$4.26 billion in the year-ago period.

Colombian Finance Minister Oscar Ivan Zuluaga said he expects the
current account deficit to end 2008 equivalent to 2.5%-3% of the GDP,
compared with a deficit equivalent to 3.4% of the country’s GDP in
2007. (Dow Jones)

Trending

  • Colombia to seek decriminalization of drugs despite US objections

  • Medellin’s secret history of violence against women and girls

  • How serious is Colombia’s president-elect about fighting corruption?

  • RSS

@2008-2019 - Colombia Reports. All Rights Reserved.
Powered by Digitale Zaken and Parrolabs


Back To Top