The Colombian government downgraded its projection on the performance of the economy 2020 to a contraction of between 6% and 7%, higher than the 5.5% initially expected, due to a slower recovery amid the coronavirus pandemic, said Vice Minister of Finance, Juan Pablo Zárate. The new estimate is more in line with the projections of analysts and the Central Bank, which expects a contraction of between 6.5% and 9 %. Estimated rebound in 2021 of 5%.
Colombia's trade deficit fell by 16.9% year-on-year in September to $771.4 million due to a reduction in imports, the government revealed on Thursday, amid the slowdown in domestic demand due to the crisis caused by the coronavirus pandemic. The imbalance resulted from imports for $3,303 million dollars and exports for $ 2,531 million dollars, specified the National Department of Statistics (DANE). Between January and September, Colombia's trade deficit fell by 11, 1% to $ 6,950 million, compared to $ 7,818.4 million in the same period last year.
Colombia is preparing an investment package for $2.03 billion to increase coverage of electric power service in the national territory. The project, in preliminary stages, will focus on expansion of the Local Distribution System (SDL), isolated solutions with hybrid microarrays and individual isolated solutions.
The National Administrative Department of Statistics (Dane) reported in its monthly report that in September imports were $ 3,475 million, a decrease of 17.2% in relation to the same month of 2019. This behavior was due mainly to the decrease of 15.1% in the manufacturing segment. In september, external purchases of manufactures were $ 2,708 million.
Projections from Euromonitor International estimate the Colombian medical cannabis industry could reach $ 390 million in 2025. By the same year, the category of cannabis CBD or without psychoactive components could see a growth of more than 800%, from $ 8.6 million to $ 69 million. There are an estimated 110 hectares destined for production, and entrepreneurs hope to reach about 240 hectares.
Primax Colombia, a subsidiary of the service station business owned by Peru's Alicorp, is set to offer $82.3 million worth of bonds with tenors ranging from one to 12 years, it said in securities filings on Thursday. Bancolombia will be the placement agent for the 12 series of notes. Primax will use the proceeds to pay down debt and cover general corporate purposes. Fitch Ratings gave the upcoming notes an AA+(col) rating with a stable outlook.