Analysis by Region - Emerging Markets - Colombia

Analysis by Region - Emerging Markets - Colombia

Colombia’s GDP beat expectations in Q3 2022, growing 1.6% q/q and prompting an upgrade to our year growth forecast by 0.4ppts to 7.8%. But our 2023 forecast remains grim: we see GDP contracting 1.5%, with domestic demand falling until Q3 2023 due to tight monetary conditions and lower external demand. Also, downside risks keep piling up as Petro's administration unveils its reform agenda.