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Mizuho Raise Colombia 2022 GDP Forecast

COLOMBIA
  • The Colombian economy continued to grow at a strong pace Q4. Indeed, GDP expanded by 4.3% Q/q in Q4 after rebounding by an upwardly revised 6.1% Q/q in the previous quarter. The outturn was above the market consensus. Construction surged 4.3% Q/q and the easing of mobility restrictions helped push hospitality, entertainment and consumer facing businesses higher.
  • On the demand side, private consumption and exports were the highlights, rising 4.7% and 11.1% Q/q respectively.
  • Finally, in 2021 as a whole GDP rebounded sharply by 10.6%. Importantly, the strong performance of the economy in the second half of 2021 has left a very high positive statistical carryover for 2022 (5.3%), meaning Colombia is likely to outperform peers in Latin America this year.
  • Mizuho now expect GDP growth of 6.0%, compared with 3.5% previously.
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