Colombia’s Economy Grew 4.2% in 3Q on Construction Boom

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http://www.businessweek.com/news/2014-12-15/colombia-s-economy-grew-4-dot-2-percent-in-3q-on-construction-industry-boom

Colombia grew at the fastest pace among major Latin American economies in the third quarter as a surge in home building and public works projects helped soften the impact of a contraction in oil and manufacturing.

Gross domestic product expanded 4.2 percent from a year earlier, little changed from the previous quarter’s 4.3 percent growth, the national statistics agency said today. Growth was in line with the median forecast of 27 analysts surveyed by Bloomberg. GDP grew 0.6 percent from the previous quarter.

In the minutes to its November policy meeting published last week, the central bank said that internal demand is “dynamic” amid “increasingly adverse” world conditions. As growth remains robust, policy makers will leave the benchmark rate unchanged at 4.5 percent for a fourth straight month at their Dec. 19 board meeting, according to 24 of 25 analysts surveyed by Bloomberg, with one analyst forecasting a quarter-point cut.

Colombia’s third quarter expansion compares with 1.75 percent growth in Peru, 2.2 percent in Mexico and 0.8 percent in Chile. Brazil’s GDP contracted 0.2 percent.