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Scotiabank Still Expect 100BP BanRep Rate Hike Next Week

COLOMBIA
  • Scotiabank noted the November Economic Activity Indicator reading suggests that economic growth continues, but at a more moderate pace.
  • It is clear that services continue to contribute to growth, however, but households are scaling back their consumption as a result of inflation pressures, which is healthy for overall economic growth.
  • Manufacturing should remain on a decelerating trajectory as demand cools, and in construction it is positive to see non-residential construction strength. With data to November, Scotiabank estimate an 8.1% expansion in 2022.
  • In terms of interest rates, Scotiabank expect a 100bps increase to 13% at the January BanRep meeting, given the high levels of inflation and an economy that continues with solid growth.
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