Macroeconomic Forecast Colombia

Colombia's unemployment rate has been declining at a larger pace than we had expected, reaching 10.4% in March down from 10.8% during the same month in 2011, and therefore we are revising down our 2012 end of period forecast to from 12.5% to 9.5%. Colombia's labour force has benefited from a healthy economy driven by private consumption and strong exports. As we expect economic growth to remain strong in 2012, with real GDP at 3.7%, we believe the economy will continue to create opportunities that absorb a substantial number of the unemployed.

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