In its most recent report on the oil market, the International Energy Agency (IEA) estimated that Colombia will not improve its crude production levels in 2021 compared to 2020. The report indicates that crude production will end 2021 with 750 thousand barrels per day, compared to the expected of 790 thousand barrels for 2020.
Fitch Ratings confirmed the national long and short-term ratings of Bolsa de Valores de Colombia S.A. (bvc) in 'AAA (col)' and 'F1+ (col)', respectively. The long-term rating outlook is stable. Fitch's key Ebitda indicator of operating income of 29.3% in September 2020, remained within its historical average of around 30% during the last five years, thanks to the stability provided by non-transactional income. Under its projection scenario, BVC expects to gradually increase this indicator to 43%, which, in Fitch's opinion, is consistent with the changes to its business model and the diversification and recurrence of its income. Fitch's key metric, Gross Debt to Ebitda, historically remained below 0.5 times (x), while its 70% dividend policy prioritizes the entity's investment needs.
As of October of this year, Colombia has exported 291,860 tons of fruit and vegetables, compared to 292,380 tons in 2019. This year´s figures represent an 8% YoY growth, with some fluctuations in March and May, mainly reflected by effects of the covid-19 pandemic. Among the products that lead exports, lemon had an increase in sales of 70%, 16% in Tahiti lime and 11% in fresh or dried oranges. Among the main export destinations of the horticultural sector are the United States (30%), the Netherlands (17%) and the United Kingdom (15%), these three countries account for 62% of the total export volumes.
The Economic Commission for Latin America and the Caribbean (ECLAC) updated its economic projections for 2020 and 2021. For Colombia, they expect GDP growth of 5% in 2021, above the estimated average for Latin America of 3.7%. In 2020, Colombia´s GDP is forecast to contract by 7% in the entity's final projections. Gobal GDP would fall 4.4%; and 7.7% in South America and the Caribbean, a more positive figure than the one obtained in the last report, which pointed to a 9.1% contraction.
Bogotá Mayor Claudia López announced the arrival of 406 E-buses to completed the existing fleet of 483 already operating in the city. By H1 2021, Bogotá will have a fleet of 889 electric buses. The new adittion to the fleet represents an investment of $368.4 million corresponding to the provision of the fleet and $409 million in the operation of the buses for 15 years, the estimated duration of the concession contracts.