The National Administrative Department of Statistics (Dane) reported that the Colombian economy fell 4.53% in October 2020, compared to the same month in 2019, according to the Economic Monitoring Index (ISE). The fall in October was less than that in September, when the economy fell 7.29%. DANE pointed out that, with the October results, the contraction of the Colombian economy in 2020 reached -7.69%.
Colombia's trade deficit increased by 9.7% year-on-year in October to $ 884.6 million, due to a further deterioration in exports, data from the National Statistics Department (DANE) revealed on Friday. The imbalance resulted from imports for $3.5 billion and exports for 2.6 million. While the value of foreign purchases made by the country contracted by 15% year-on-year in October, that of exports of goods and services fell by 21%. In the first 10 months, the value of imports fell 20.4% to 33,306 million, while that of exports fell 23.3% to $25,476.8 million, compared to the same span of the previous year.
The Board of Directors of the Central Bank voted five in favor and two against to leave interest rates at 1.75%. The next meeting will be in January 2021, to make the decision that will apply for the month of February. the Board of Directors highlighted that "inflation expectations for the end of 2021 and 2022 are 2.7% and 3% respectively".
The oil company SierraCol Energy, belonging to the Carlyle Group, will assume the operations and interests on the assets acquired from Occidental in Colombia. Occidental Petroleum Corporation sold all of its onshore assets in Colombia, which currently provide production, together with its partners, of around 85,000 barrels of oil per day. SierraCol, which will have its main offices in Bogotá, will make an investment of around $ 120 million in 2021 in its exploration and production assets, in the Llanos, Magdalena Medio and Putumayo basins, and will carry out its activities with the purpose of become a leading company in the oil sector nationwide.
Colombia announced the closure of flights to the United Kingdom, after the Health authorities in that country recognized a new variation of the SARS-CoV-2 virus. Although for now there is no evidence that this strain makes the virus more lethal or that it causes more serious forms, the Colombian Ministry of Health decided to suspend the entry of direct or connection flights from the United Kingdom from December 21.