Colombia's economy is expected to decline 9% annually in the third quarter, less than previous estimates after economic activity picked up once the long quarantine to control the spread of coronavirus was lifted. In July, the central bank forecast GDP would fall 9.7% annually in the three months ended Sept. 30. Colombia endured more than five months of lockdown, which came to a close at the end of August, causing the economy to contract by an historic 15.7% in the second quarter.
Italian renewable energy group Enertronica Santerno SpA, received a supply contract for 190 MW of photovoltaic inverters in Colombia. The PV inverters, worth ca $9 million, will be designed, delivered and installed at Colombia's largest solar project. The company expects that deliveries of the equipment will take place during 2021.
Colombia´s Territorial Development Bank (Findeter), with support of the Ministry of Mines and Energy and the Ministry of Finance and Public Credit, launched a rediscount line of credit called Commitment Pspd Energy and Fuel Gas. This measure seeks to benefit official, mixed and private home public service providers of electric power and fuel gas with $78.6 million worth of loans for liquidity and working capital. Funds will allow to finance the deferral of the bills of lower income residential users
The National Tax and Customs Directorate (Dian) revealed that 3.5 million people paid over $3.3 bn in personal income tax, an increase of 15% over 2018. This meant a growth of 11.1 % in the number of taxpayers compared to the 3,211,960 people who did so during the previous year.
The Ministry of Mines and Energy of Colombia announced that national oil production in October reached its best level since the beginning of the coronavirus pandemic, with average daily oil production of 751,100 barrels in October, an increase of close to 2,000 barrels per day when compared with September (749,255 barrels). However, production is still below pre-pandemic levels, which were 796,200 barrels per day.
Through the Debtor Accompaniment Program (PAD), which was announced by the Financial Superintendency of Colombia and which came into effect on August 1, more than 1.3 million debtors refinanced their loans for a total value of $6.5 bn at the end of October.