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Finance Ministry Upgrade Year-End Growth Forecast, BanRep Due Tomorrow

COLOMBIA
  • Overnight the Colombian Finance Ministry upgraded their 2021 GDP growth forecast to 9.7%. Expansion of 9.7% would be highest in 100 years, the Finance Ministry said in a statement.
    • Raises from previous forecast of 8.5%.
    • Commerce and the manufacturing industry will contribute the most to GDP growth in 2021, growing 21.1% and 16.6%, respectively. (BBG)
  • BanRep decision on Friday has the domestic focus:
  • Currently, 22/25 surveyed analysts expect BanRep to continue the hiking cycle with a 50bp increase to the overnight lending rate on Friday. Two are forecasting a 75bp hike and one predicts a bold 100bp move. The MNI Preview will be published this afternoon.

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