Colombia Outlook Third Quarter 2017 Colombia Unit July 2017
Main messages 1. Global growth is continuing to increase. This improvement mainly affects advanced economies and China. China has also experienced fiscal stimuli. Overall, global risks remain a concern. 2. Colombia's economy has responded positively to the oil price shock. Despite a sharp slowdown, the capacity to cushion the cycle and maintain external funding has enabled growth to remain in positive territory. 3. The economy will recover. The recovery cycle will be slow, due to limited exogenous sources of growth: we expect GDP to perform below its potential over the coming years. 4. Economic policy will contribute less to the recovery than in 2009. In the absence of significant improvement in revenues, compliance with the fiscal rule will mean the Government has a negative impact on growth. Meanwhile, the Central Bank is worrying about inflation persistence 5. Inflation will continue to fall in 2018. The marked slowdown in inflation over the last year will pause briefly from August to November, before returning to its downward trend and ending 2018 at 3.2%
Contents 01 Global context 02 An unprecedented shock 03 Growth inertia: towards a slow recovery cycle 04 Inflation and exchange rate 05 Structural balances
GLOBAL Stable growth in 2017-18, but downside risks remain
Global dynamics remain positive Global growth driven by China Signs of stabilisation in global growth Some rebalancing from the USA to Europe Both macro and political Low Inflation in developed countries Wage moderation and correction of commodity prices Central Banks in developed countries gradually moving towards normalisation Withdrawal of liquidity and higher interest rates Financial markets remain calm Low volatility fosters risk taking Risks Falling in Europe, but accumulating in China 5
Growth revised up in Europe and China, but down in the USA and Latin America USA EUROZONE 2017 2.1 2018 2.2 2017 2.0 2018 1.7 2017 6.5 2018 6.0 CHINA Up Unchanged Down LATIN AMERICA 2017 0.8 2018 1.7 WORLD 2017 3.3 2018 3.4 Source: BBVA Research. Latin America comprises: Argentina, Brazil, Chile, Colombia, Mexico, Paraguay, Peru, Uruguay and Venezuela 6
Adjustment to commodity price forecast for 2017-18, due to concerns about the strength of supply BRENT CRUDE (US$ per barrel) 120 100 80 60 40 20 0 1Q2014 3Q2014 1Q2015 3Q2015 1Q2016 3Q2016 1Q2017 3Q2017 1Q2018 3Q2018 1Q2019 3Q2019 1Q2020 3Q2020 Forecast in April 2017 Forecast in July 2017 SOYBEANS (US$ per metric ton) 600 500 400 300 200 100 0 1Q2014 3Q2014 1Q2015 3Q2015 1Q2016 3Q2016 1Q2017 3Q2017 1Q2018 3Q2018 1Q2019 3Q2019 1Q2020 3Q2020 Forecast in April 2017 Forecast in July 2017 COPPER (US$ per lb.) 3,3 3,1 2,9 2,7 2,5 2,3 2,1 1,9 1,7 1,5 1Q2014 3Q2014 1Q2015 3Q2015 1Q2016 3Q2016 1Q2017 3Q2017 1Q2018 3Q2018 1Q2019 3Q2019 1Q2020 3Q2020 Forecast in April 2017 Forecast in July 2017 Source: BBVA Research and Bloomberg Oil price undermined by output levels and stocks. Prices are still expected to remain around US$60 per barrel in the long term, due to falling investment in exploration. The strength of supply is also affecting short-term soybean and copper prices. No major changes expected in long-term commodity prices. 7
The main global risks for Latin America centre on US politics and rebalancing in China 1 Lingering uncertainty about measures approved in the US, but falling concerns about the risk of protectionism 2 Policy stimulus measures taken to bolster the recent strength of investment in China are continuing to accumulate imbalances and financial fragility 3 Political risks are falling in Europe, but some remain with regard to Brexit, the handling of some banking issues and elections in Italy. 4 Risks associated with the normalisation of monetary policy, particularly in the USA, due to divergence from market expectations. 8
An unprecedented shock A positive response from the economy, despite the sharp shock
Exports dropped by 48% between 2012 and 2016, the steepest fall since the great depression of 1929 to 1932 Oil price and exports volumes USD millions 6.000 5.000 4.000 3.000 2.000 1.000 USD /Baril 140 120 100 80 60 40 20 0 0 may-95 may-97 may-99 may-01 may-03 may-05 may-07 may-09 may-11 may-13 may-15 may-17 Export Value (left) Brent Price Events 1000 day War Great Depression International Financial Crisis Oil Crisis Dates 1898 1902 var % 1928 1932 var % 2008 2009 var % 2012 2016 var % Values 17 9-47% 130 65-50% 37.625 32.546-13% 60.125 31.394-48% USD milliones Source: BBVA Research with data from DANE and Bloomberg 10
The current shock is significant compared to recent precedents Colombia economic cycle (%, for t0=1q17 BBVA forecasts) 8,0 6,0 4,0 The current shock is becoming more severe than that of 2009 (international financial crisis). In part this is because emerging economies are not benefiting from the boost from China and oil prices they enjoyed then 2,0 0,0-2,0-4,0-6,0-8,0 t-21 t-18 t-15 t-12 t-9 t-6 t-3 t0 t3 t6 t9 t12 t15 t18 t0=q299 t0=q408 t0=q117 However, it is not like 1999, in principle because external funding and shock absorbers such as the exchange rate have cushioned cyclical impacts today Even so, the recovery will be very similar to that of 2000-2003: low growth with a similar slope Source: BBVA Research with DANE data 11
Achieving positive growth after a shock of this scale is virtue of shock absorbers and international credibility Colombia current account cycle (% of GDP) 2 0-2 -4 Exchange rate (Pesos per dollar) 3500 3300 3100 2900 2700 2500 3020-6 -8 2300 2100 1900 1863-10 t-21 t-18 t-15 t-12 t-9 t-6 t-3 t0 t3 t6 t9 t12 t15 t18 1700 1500 t0=q299 t0=q408 t0=q117 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Ample funding for the current account, unlike 1999 Source: BBVA Research based on DANE data: Bloomberg 12
Jun-99 Dec-99 Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 Jun-04 Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Unlike 1999, when markets shut, and the major shock in 2009, there have been no significant impacts on risk premiums in the current cycle Colombia risk premiums (5Y CDS and EMBI, basis points) 1200 1000 800 600 400 200 0 EMBI CDS 5 yrs Source: BBVA Research based on Bloomberg data 13
The adjustment was first seen in investment, with private consumption hit hard until 2H16 Private consumption (% YoY change, annual moving average) The shock affected investment directly through two channels: activity 15,0 and prices (exchange rate). The contraction in spending in the oil and 10,0 gas sector impacted various economic indicators 5,0 0,0-5,0-10,0 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 GDP Consumption Investment Sep-16 Dec-16 Mar-17 External funding and employment kept private consumption high even up to 2H16. However, accumulating effects (inflation, interest rates and economic slowdown) resulted in a sharp fall in consumer confidence Source: BBVA Research with DANE data 14
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Despite the scale of the adjustment, the gains in investment continued (high investment rate) Gross fixed capital formation (% of GDP, constant prices) 35 The investment rate peaked in 2014, driven in particular by the cycle of strong oil prices 30 25 20 15 10 5 0 19,7 23,2 By 2016, the investment rate had fallen by 2 points of GDP - a smaller adjustment than in the '90s, but outstripping 2009 Part of the investment is very specific to the oil and gas sector, which could limit adaptability to other sources of growth. We should consider a correction in the productivity of such investment, which would be in line with the argument that potential GDP is lower than expected Source: BBVA Research with DANE data 15
Slow recovery
Figures for the first quarter of 2017 show the continuing weakness of spending and production GDP growth: supply and demand (%) Private consumption adjusted 2015 2016 I 2016 II 2016 III 2016 IV 2016 I 2017 significantly from 3Q16, impacted by GDP 3,1 2 2,7 2,5 1,1 1,6 1,1 high inflation and interest rates, and Demand Private Consumption 3,2 2,1 2,8 2,1 1,1 2,3 1,1 low confidence Public Consumption 5 1,8 3,9 3,1 0,2 0,2 2,1 Fixed Investment 1,8-3,6-4 -4-3,6-2,9-0,7 Exports 1,2-0,9 0,7 2,1-3 -3,3-3,6 Imports 1,4-6,2-5,8-3,5-10,9-4,3-0,4 Supply Agriculture 2,5 0,5 0 0,4-0,5 2 7,7 Mining 0,2-6,5-4,6-6,8-6,5-8,3-9,4 Industry 1,7 3 4,3 5,3 1,3 1 0,3 Utilities 3 0,1 2,9-0,7-1,4-0,6-0,6 Construction 3,7 4,1 5,5 0,7 6,8 3,4-1,4 Commerce, hotels and restaurants 4,6 1,8 2,8 1,9 0,7 1,8-0,5 Transport and telecom 2,6-0,1 0,9 0,2-1,4-0,3-0,3 Financial and business services 5,1 5 4,9 5,4 4,4 5,1 4,4 Social and communal services 3,1 2,2 3,5 3,2 1,3 0,9 2,2 Taxes 0,7 2,2 1,3 4,1 0,4 2,9 2,7 Investment remained in negative territory; however, the positive performance of road building (concessions) was a highlight There was wide dispersal on the supply side: a couple of sectors performed strongly, but most recorded slow growth. Of these, agriculture was boosted by weather conditions returning to normal - a transitory effect Source: BBVA Research with DANE data 17
The signs of economic recovery are not yet conclusive Consumer and industrial confidence (Balance of confidence) Source: BBVA Research with Fedesarrollo data Confidence remains in negative territory, with unexpected falls in the most recent readings 18
may-85 may-87 may-89 may-91 may-93 may-95 may-97 may-99 may-01 may-03 may-05 may-07 may-09 may-11 may-13 may-15 may-17 The signs of economic recovery are not yet conclusive Retail sales and industry sector balance* (standardised balance) 100 80 60 40 20 0-20 -40 Capacity utilization and inventories % 80,0 75,0 70,0 65,0 60,0 Balance 40,0 30,0 20,0 10,0 0,0-10,0-60 Apr-06 Apr-07 Apr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 55,0-20,0 Industry Retail Sales Capacity Utilization Inventories (right) *Calculated as the number of sub-sectors accelerating minus the number of sub-sectors slowing on a monthly basis. This is then converted into a percentage value compared to the total sub-sectors. The retail sales and industry sector balance shows signs of recovery, although there are still some signs of weakness. Indicators of inventories and capacity utilization show that demand remains weak Source: BBVA Research with DANE and ANDI data 19
May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Signs of deterioration in the labour market are starting to appear Unemployment rate (% of EAP, 13 cities) 15 14 13 12 11 10 9 8 7 6 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2014 2015 2016 2017 Employment growth rate (%, quarterly data, 13 cities) 5,0 4,0 3,0 2,0 1,0 0,0-1,0 2,9 4,3 2,8 3,6 2,4 0,4 0,8 0,3 1,3 0,5-0,3 0,5 0,8 0,4-0,6 0,4 The 2017 unemployment rate is higher than 2016. Job creation is continuing to weaken Source: BBVA Research based on DANE data 20
Marked regional differences in labour market results Employment growth rate (%, quarterly) Bogotá is leading the destruction of jobs, 5 with 7 consecutive months of job losses and weakness since mid-2015 4 3 2 1 0-1 -2 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Bogotá Medellín Cali B/quilla B/manga Other Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Medellín is offsetting some of this, especially so far in 2017, but this is insufficient Labour market results closely resemble regional consumer confidence results: Bogotá is bringing up the rear in terms of confidence and job losses, with Medellín and Barranquilla reporting higher confidence and job creation Source: BBVA Research based on DANE data 21
Restrictions on fiscal and monetary policy
The government has suffered a sharp fall in oil revenues, which have not been offset by other sources Government revenues (% GDP) 18 17 16 15 14 13 12,9 13,5 1,1 14,7 1,4 15,0 1,5 15,6 1,5 15,3 2,8 13,8 0,9 15,2 1,6 16,1 2,6 16,9 16,7 3,3 2,6 16,1 1,1 14,9 0,1 12 11 1,1 11,8 12,4 13,3 13,5 14,1 12,5 12,9 13,6 13,5 13,6 14,1 15,0 14,8 10 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Revenue other than oil related Oil Revenue Total Revenue There is a lag in the effect of falling oil prices. This was seen in 2010 and from 2015 Source: BBVA Research with data from the Ministry of Finance 23
Part of the adjustment has come from lower spending, but interest and charges stemming from the 2012 reform have decimated this effort National government spending (% GDP) 25 20 15 18,1 17,7 17,9 3,6 3,7 3,2 19,4 3,0 17,6 18,0 18,4 2,7 2,7 2,6 19,2 19,1 19,2 18,9 2,3 2,2 2,6 2,9 0,7 1,0 1,4 1,3 10 14,5 14,0 14,7 16,4 14,9 15,3 15,8 16,2 15,9 15,2 14,7 5 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Investment and Opperation Transferences for ICBF, SENA and health Interest Source: BBVA Research with data from the Ministry of Finance (MFMP) 24
The Central Bank is facing a difficult dilemma of a slowing economy with inflationary risks Inflation, non tradables (%) 8 7 6 5 4 3 2 Potential and observed GDP and output gap 8% 6% 4% 2% 0% -2% -4% 1-6% (p) 0 jun-01 jun-02 jun-03 jun-04 jun-05 jun-06 jun-07 jun-08 jun-09 jun-10 jun-11 jun-12 jun-13 jun-14 jun-15 jun-16 Non Tradales (sanir) Without foodstuffs and administered prices Indexed jun-17-8% 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 Natural GDP GDP Output Gap 2018 2020 Part of the shock will be permanent, reducing observed and potential GDP, and limiting the Central Bank's scope for action Source: BBVA Research based on DANE data 25
The Central Bank has adjusted its rates by 200 bp, but could have scope for a further 125 bp in 2H17 and 2018 Policy interest rate (%) The Central Bank's recent statements show greater concern about growth. For 8,0 7,50 this reason, it reduced its policy rate by 7,0 5,75 50 bp at its most recent meeting, and 6,0 5,25 could reduce it by a further 50 bp at its 5,0 4,50 4,50 coming meetings 4,0 3,0 2,0 1,0 0,0 3,25 2013 2014 2015 2016 2017 (p) 2018 (p) Policy Rate Real Policy Rate Real Natural Policy Rate Range 2,0 1,5 This would put the rate in neutral territory, enabling the Central Bank to take a breather, taking advantage of an uncomfortable time of increasing inflation to assess the impact on expectations (August to November) In 2018 it would have room for further cuts of 75 bp to 4.5%. This would be limited by expectations becoming detached or inflation not falling back significantly at the start of the year Source: BBVA Research based on Banrep data 26
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (p) 2018 (p) 2019 (p) 2020 (p) 2021 (p) Based on the factors mentioned, we expect a slow recovery in economic activity GDP growth (% YoY change) 8,0 6,0 4,0 2,0 2,0 1,5 2,0 0,0-2,0-4,0-6,0 Source: BBVA Research with DANE data 27
Inflation and exchange rate After the storm, the calm
Inflation has fallen back over the year, as a result of normalisation of the 2016 supply-side shocks Total inflation and without food (% YoY change) 10 9 Inflation by components (% YoY change) 18 16 8 14 7 6 5 4 3 2 1 12 10 8 6 4 2 0 0 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Total Core Target Range Foodstuffs Tradables Administered Prices Non Tradables Source: BBVA Research with DANE data 29
Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 We expect a rebound in inflation between August and November due to base effects: inflation of 3.2% in 2018 Total inflation and without food (% YoY change) 10 9 (p) 8 7 6 5 4 3 2 1 0 4,30 3,22 Total Core Target Range Source: BBVA Research with DANE data 30
The stability of inflation has been accompanied by a moderation in exchange rate volatility Exchange rate (% YoY change) 3400 3200 3000 2800 2600 2400 (p) The fall in oil prices over the last quarter fostered exchange rate depreciation. We expect these conditions to continue over the third quarter, with the exchange rate moderating at year end Here at BBVA we expect the oil price to converge on USD 59/Brent barrel. This would imply future upward pressure on the currency. Our long-term estimate of the currency is therefore 2900 pesos to the dollar beyond 2019 2200 2000 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 US monetary policy has been another unique factor, prompting the devaluation over the year. It will be important to keep an eye on the behaviour of the exchange rate when the Federal Reserve starts running down its balance sheet Source: BBVA Research based on Bloomberg data 31
Structural balances Reducing the vulnerability of the economy
The reduction in the current account deficit will be smaller than in 2016 in 2017 and 2018, but we will keep working on this Current Account (% YoY change) % of GDP % 7,0 6,4 160 6,0 140 140 5,0 4,0 3,0 2,0 1,0 3,0 3,2 69 5,1 50 28 4,4 3,9 3,5 57 64 64 120 100 80 60 40 20 0,0 2012 2013 2014 2015 2016 2017(p) 2018(p) Current Account Deficit (CAD) Net Foreign Direct Investment (FDI) FDI to CAD Ratio 0 Improved composition of funding compared to 2015, reducing the vulnerability of the Colombian economy Source: BBVA Research based on Banrep data 33
Main messages 1. Global growth is continuing to increase. This improvement mainly affects advanced economies and China. China has also experienced fiscal stimuli. Overall, global risks remain a concern. 2. Colombia's economy has responded positively to the oil price shock. Despite a sharp slowdown, the capacity to cushion the cycle and maintain external funding has enabled growth to remain in positive territory. 3. The economy will recover The recovery cycle will be slow, due to limited exogenous sources of growth: we expect GDP to perform below its potential over the coming years. 4. Economic policy will contribute less to the recovery than in 2009. In the absence of significant improvements in revenues, compliance with the fiscal rule will mean the Government has a negative impact on growth. Meanwhile, the Central Bank is worrying about inflation 5. Inflation will continue to fall back in 2018. The marked slowdown in inflation over the last year will pause briefly from August to November, before returning to its downward trend and ending 2018 at 3.2% 34
This report has been produced by the Colombia Unit Head Economist, Colombia Juana Téllez juana.tellez@bbva.com +57 347 16 00 Fabián García fabianmauricio.garcia@bbva.com +57 347 16 00 Diego Felipe Suarez diegofelipe.suarez@bbva.com +57 347 16 00 Intern Mauricio Hernández mauricio.hernandez@bbva.com +57 347 16 00 María Claudia Llanes maria.llanes@bbva.com +57 347 16 00 Alejandro Reyes alejandro.reyes.gonzalez@bbva.com +57 347 16 00 BBVA Research Jorge Sicilia Serrano MACROECONOMIC ANALYSIS Rafael Doménech r.domenech@bbva.com Global Economic Situations Miguel Jiménez mjimenezg@bbva.com Global Financial Markets Sonsoles Castillo s.castillo@bbva.com Long term Global Modelling and Analysis Julián Cubero juan.cubero@bbva.com Innovation and Processes Oscar de las Peñas oscar.delaspenas@bbva.com Financial Systems and Regulation Santiago Fernández de Lis sfernandezdelis@bbva.com International Coordination Olga Cerqueira Olga.cerqueira@bbva.com Digital Regulation Álvaro Martín alvaro.martin@bbva.com Regulation María Abascal maria.abascal@bbva.com Financial Systems Ana Rubio arubiog@bbva.com Financial Inclusion David Tuesta David.tuesta@bbva.com Spain and Portugal Miguel Cardoso miguel.cardoso@bbva.com United States Nathaniel Karp Nathaniel.karp@bbva.com Mexico Carlos Serrano carlos.serranoh@bbva.com Middle East, Asia and Geopolitical Álvaro Ortiz alvaro.ortiz@bbva.com Turkey Álvaro Ortiz alvaro.ortiz@bbva.com Asia Le Xia Le.xia@bbva.com South America Juan Manuel Ruiz juan.ruiz@bbva.com Argentina Gloria Sorensen gsorensen@bbva.com Chile Jorge Selaive jselaive@bbva.com Colombia Juana Téllez juana.tellez@bbva.com Peru Hugo Perea hperea@bbva.com Venezuela Julio Pineda juliocesar.pineda@bbva.com 35
ANNEX:
Main macroeconomic variables Annual macroeconomic forecasts 2013 2014 2015 2016 2017(f) 2018(f) GDP (YoY, %) 4.9 4.4 3.1 2.0 1.5 2.0 Private consumption (YoY, %) 3.4 4.3 3.2 2.1 1.6 2.3 Public consumption (YoY, %) 9.2 4.7 5.0 1.8 2.6 1.5 Fixed investment (YoY, %) 6.8 9.8 1.8-3.6 1.9 3.1 Inflation (% YoY, eop) 1.9 3.7 6.8 5.7 4.3 3.2 Inflation (% YoY, average) 2.0 2.9 5.0 7.5 4.4 3.4 Exchange rate (eop) 1,927 2,392 3,149 3,001 3,047 2,950 Devaluation (%, eop) 9.0 24.1 31.6-4.7 1.5-1.4 Exchange rate (average) 1,869 2,001 2,742 3,055 2,977 2,985 Devaluation (%, average) 3.9 7.1 37.0 11.4-2.5 0.3 BanRep interest rate (%, eop) 3.25 4.50 5.75 5.75 5.25 4.50 Deposit interest rate (%, eop) 4.1 4.3 5.2 6.9 5.3 4.8 Fiscal nalance (% GDP) -2.3-2.4-3.0-4.0-3.6-3.1 Current account balance (% GDP) -3.2-5.2-6.5-4.4-3.9-3.5 Unemployment rate (%, eop) 9.7 9.3 9.8 9.8 10.6 11.2 Source: Banco de la República, DANE and BBVA Research 37
Tasa BanRep (%, fdp) 3,25 4,50 5,75 7,50 5,25 4,50 Tasa DTF (%, fdp) 4,1 4,3 5,2 6,9 5,3 4,8 Balance Fiscal GNC (% PIB) -2,3-2,4-3,0-4,0-3,6-3,1 Cuenta Corriente (% PIB) -3,2-5,2-6,5-4,4-3,9-3,5 Tasa de desempleo urbano 9,7 9,3 9,8 9,8 10,6 11,2 Fuente: Banco de la República, DANE y BBVA Research Main macroeconomic variables Tabla 7.2 Previsiones Macroeconómicas Trimestrales PIB Inflación Tipo de cambio Tasa BanRep (% a/a) (% a/a, fdp) (vs. USD, fdp) (%, fdp) T1 14 6,4 2,5 1.965 3,25 T2 14 4,0 2,8 1.881 4,00 T3 14 3,9 2,8 2.028 4,50 T4 14 3,3 3,7 2.392 4,50 T1 15 2,6 4,6 2.576 4,50 T2 15 3,0 4,4 2.585 4,50 T3 15 3,2 5,4 3.122 4,75 T4 15 3,4 6,8 3.149 5,75 T1 16 2,7 8,0 3.022 6,50 T2 16 2,5 8,6 2.916 7,50 T3 16 1,1 7,3 2.880 7,75 T4 16 1,6 5,7 3.001 7,50 T1 17 1,1 4,7 2.880 7,00 T2 17 0,9 4,0 3.038 5,75 T3 17 2,0 4,2 3.050 5,25 T4 17 1,8 4,3 3.047 5,25 T1 18 2,3 3,5 3.013 4,75 T2 18 2,0 3,2 2.991 4,50 T3 18 1,7 3,3 2.952 4,50 T4 18 1,8 3,2 2.950 4,50 Fuente: Banco de la República, DANE y BBVA Research 38
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