Macroeconomic Forecast Colombia

November 2006 | Macroeconomic Forecasts

The economy expanded by an impressive 5.74% y-o-y in the first half of the year and according to leading indicators, growth does not appear to have moderated significantly in Q306. Retail sales expanded by a robust 14.76% y-o-y in August, driven by a surge in automobile sales (up by a mammoth 38.90% y-o-y). As such, private consumption has not dampened by as much as expected, following a series of interest rate hikes since May. As a result, we have upped our 2006 year-end real GDP growth forecast to 5.2% on the back of this robust domestic demand.

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