According to a study published by Fedesarrollo, the new confinement measures that have been established in various areas of the country due to the second wave of Covid infections would have an economic cost of between $ 2.3 and $ 3.6 billion, equivalent to 0.8 % and 1.2% of GDP. Fedesarrollo also highlights that the confinement measures will impact the labour market. An increase of between 0.6 percentage points (pps) and 0.9 pps in the unemployment rate is estimated, equivalent to 146,000 and 220,000 jobs lost.
Imports to reached $ 4,1 billion CIF, a 12% YoY decrease. This behavior was mainly due to the decrease of 60.3% in the Fuels purchases, as highlighted in a report by the National Administrative Department of Statistics (Dane). In the period January-November 2020, Colombian imports were $ 39.3 billion CIF and registered a decrease of 19.1%, compared to the same period of 2019. Colombian imports from China participated with 23.9% of total imports; It was followed by external purchases from the United States, Mexico, Brazil, France, Germany and Korea. In November 2020, Colombian had a negative trade balance of $ 1.4 billion FOB, while in November 2019 there was a deficit of $ 1.6 billion.
J.P. Morgan raised its growth projection of the Gross Domestic Product for Colombia during 2021 to 5.8%, up from earlier estimates of 5%. J.P. Morgan revised 2020 growth up to -7.2% (from 8%), following a huge gain of 25% in the last four months of the year. For 2022, the forecast for Colombian GDP growth is 4.8%.
Colombia-based gold mining company Mineros reported the capital increase in the subsidiary Mineros Chile, a legally constituted entity in that country in which the Mineros has 100% of the shares. The company mentioned that the capital increase will constitute a total direct investment of an average of $ 2.92 million, an amount that corresponds to about two million ordinary shares.
Theft of crude oil from pipelines operated by Colombia's state-controlled oil company Ecopetrol rose by 46% last year, driven by surging robberies along the Cano Limon-Covenas pipeline, a company spokesman said. On average, 2,638 barrels per day of oil were stolen last year, up from 1,806 bpd in 2019. The theft represents a fraction of Ecopetrol's production, which stood at 725,000 bpd in 2019. The stolen oil was worth just under $50 million.
Fitch Ratings has affirmed Canacol Energy Ltd.'s Long-Term Foreign Currency and Local Currency Issuer Default Ratings at 'BB-' and the company's senior unsecured notes at 'BB-'/'RR4'. The Rating Outlook has been revised to Positive from Stable. The ratings reflect Canacol's long-term, take-or-pay contracted sales with investment-grade counterparties at fixed prices, as well as the company's low production cost and regional importance for Colombia. The ratings also benefit from the company's robust reserve life. Fitch expects Canacol to remain a low cost producer while increasing production levels to an average of 325,000 cubic feet per day (mmcfd) by 2024, representing an 18% CAGR compared to 2020. Canacol's relatively small production size and low diversification of gas fields is offset by its contracted volumes, with high quality offtakers and its conservative capital structure.