We have raised our 2025 GDP growth forecast for Colombia by 0.2ppts to 2.2%. Although the February ISE print saw momentum slowing for a second consecutive month, upside surprises to growth since the turn of the year imply a strong Q1 GDP figure. However, US reciprocal tariffs will cool exports and activity. Our 2026 GDP growth forecast is down 0.8ppts to 2.2% y/y.
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