Central Bank forecasts GDP contraction of between -6.5% to -9%

The Central Bank of Colombia on Monday improved its projection on the performance of the economy for this year to a contraction of between 6.5% and 9%, from an initial estimate of between 6% and 10%, although returning to the figures of before the COVID-19 pandemic it will take longer than 2021. Despite the improvement in the Central Bank's estimate, it remains less optimistic than that of the Government, which projects a fall in GDP of 5, 5% for the year. For 2021 the bank projected growth of between 3% and 7%, with 4.6% as the central value, in contrast to the government estimate of 6.6%.

Agricultural exports reached $5,7 bn in september, growth of 3.6%

Colombian agricultural exports during the Covid19 pandemic totaled $ 5,713 million as of September 2020, a growth of 3.6% compared to the same period of the previous year. The Ministry of Agriculture assured that Colombia's sales abroad in products such as Hass avocado, beef, tilapia and panela had growth of between 36% and 60%, between January and September. Hass avocado exported 50,999 tons, equivalent to $ 34.5 million and a growth of 42.6% in volume and 34.5% in value, compared to the total exported in the same period of 2019. 20,535 tons of beef that added up to $ 72 million, a figure greater than the sum of exports in 2019 and 2018.

Tender for $575 mn Dique Canal project in Colombia almost ready

The government of Iván Duque included this project in the so-called fifth generation of concessions (5G),which will be awarded in the Q2 2021. Investment will be ca $575 million, 71% cover by the central government and the rest by the local administration. The estimated construction time is 51 months, a little over four years. The canal allows the connection between the Cartagena and Barranbermeja refineries through the Magdalena River, and about 80% of the products transported through the canal are hydrocarbons.

Finance ministry placed $65 million in short-term domestic debt in Colombia

The Ministry of Finance placed $65 million in the Colombian public securities market in nominal value in Short-Term Treasury Securities (TCO) denominated in pesos maturing on September 7, 2021. The cut-off interest rate was 2,185 % (2,170% in the previous auction) and demand was received for $ 789 billion in nominal value, 3.16 times the amount offered.

Hybrid and electric vehicle market grew 90% in Colombia

Sales of electric and alternative vehicles continues to gain market share in Colombia. According to the National Association for Sustainable Mobility (Andemos), the sale of these cars has grown by 90.9% so far this year. Registration of electric and hybrid vehicles went from 1,923 in January-October 2019, to 3,671 in the same period of 2020. For the october 2019/2020 fiscal year, the increase is 163.9%, going from 249 (2019) to 657 in 2020.

The first regasification plant began operations in mainland Colombia

The Liquefied Natural Gas (LNG) station, product of the alliance between EPM and Unibán and located Antioquia, began formal operations. The plant will power uniban´s operations and will bring natural gas to 90 homes in the area of ​​influence. resulting in 45% less in CO2 emissions, according to company accounts. Investment allocated by EPM and Unibán for the development of the plant was $ 600,000.