COLOMBIA: Central Bank Forecasts 2.7% Economic Growth For 2018

(RTTNews) - The Colombian Central Bank estimates that the South American country's economic growth should reach 2.7% in 2018. The projection was released in a report to the Colombian Congress.

According to the central bank, Colombia overcame a great deal of its adjustment process, and there are clear signs of recovery this year.

"For this year a better performance of the Gross Domestic Product (GDP) growth is foreseen, since the fundamental factors (both external and internal) that determine its behavior show clear signs of recovery," said the monetary authority.

The central bank mentioned the rebound in crude oil prices, which would show both an improvement regarding trade compared to last year, as well as a boost to oil exploration activities in Colombia. "The estimated recovery also means that the Colombian economy would continue to be financed without major inconvenience due to external savings during 2018, and that capital inflows would remain at relatively stable levels."