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Weekly Report - 17 August 2017 (WR-17-32)

TRACKING TRENDS

COLOMBIA | Economic growth falls short of target. Colombia posted GDP growth of 1.3% in the second quarter of this year, the national statistics department (Dane) reported on 15 August. Dane director Mauricio Perfetti emphasised the successful performance of three sectors: agriculture (4.4%), finance and insurance (3.9%), and services (3%). However, other sectors struggled, with a 3.3% fall in activity in the manufacturing sector and a 6% fall in activity in the mining sector. While Colombia’s GDP grew at a slightly faster rate in the second quarter than in the first, the second quarter results bring the cumulative growth rate for the year to a modest 1.2%. This has led the likes of Bruce MacMaster, the president of the national association of businesses (Andi), to suggest that the economy will fail to meet the year-end GDP growth rate target of 2% set by the government. MacMaster argued that in order to achieve the government target domestic economic activity would have to increase by at least 2.8% in the next two quarters, which appears unlikely.

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