Private Consumption Will Sustain Colombia's Economic Rebound Over the Coming Quarters

• Resilient private consumption and investment will drive Colombia's recovery from the COVID-19 pandemic over the coming quarters, particularly as the labour market strengthens and household incomes rise.  
• Fitch Solutions has revised its 2021 real GDP growth forecast to 8.5%, from 6.7% previously, as macroeconomic data continues to surprise to the upside. In Q321, the economy grew 13.2% y-o-y and 8.4% q-o-q. Fitch maintained its 2022 growth forecast of 3.9%. 
• However, rising headwinds to investment and exports will cause growth to slow in the medium-to-long term, and growth is expected to average 3.2% from 2023-2025.

(Source: Fitch Solutions)