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Scotiabank On Yesterday’s Economic Activity Data

COLOMBIA
  • The May ISE reading suggests that economic growth continues, but is moderating, which is healthy for the economy's overall growth.
  • Recovery in the construction sector, especially in civil works, is noteworthy and Scotiabank hope that this subsector continues to gain momentum.
  • The services sector remains strong, but they expect a moderation in the second half of the year as pressures on inflation persist, the cost of consumer credit rises, and base level effects erode. In addition, job creation is likely to continue.
  • For now, Scotiabank continue to project growth of 6.3% for 2022.

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