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Colombia’s economy will have grown significantly for the second consecutive year in 2022, but expansion will slow sharply this year on high-interest rates and persistent inflation.

The GDP grew 7.9% last year, according to the median estimate from 19 analysts, falling from the 10.8% it reached in 2021 on recovery from the coronavirus pandemic.

«A good portion of growth was the reflection of soaring domestic demand which was sustained in large part by credit and which only began to diminish at the end of the year when the contractive monetary policy of the bank began to take effect,» said economic think tank ANIF in a report.

During the fourth quarter, Colombia’s economy will have registered a growth of 4%, analysts predicted, a reflection of slowing expansion likely to continue on interest rate increases.

«Economic activity in Colombia surprised to the upside in 2022 despite high inflation and central bank tightening for most of the year. But good things rarely last in Latin America,» said Andres Abadia, chief Latin American economist at Pantheon Macroeconomics.

Recent data confirm that growth is slowing on a sequential basis, as increased political and policy uncertainty, high inflation, and elevated financing costs finally take a toll.

The economy will expand 1.05% this year, those surveyed said, a prediction well above the central bank’s technical team, which revised down its prediction to 0.2% in January.

Colombia economy grew 7.9% in 2022, ahead of reduced growth this year (2023)
https://www.reuters.com/world/americas/colombia-economy-grew-79-2022-ahead-reduced-grow-th-this-year-2023-02-09/.
Reuters (no date) US NEWS, Colombia economy grew 7.9% in 2022, ahead of reduced growth
this year … Available at:
https://money.usnews.com/investing/news/articles/2023-02-09/colombia-economy-grew-7-9-in-2022-ahead-of-reduced-growth-this-year-reuters-poll (Accessed: March 10, 2023).