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Home BUSINESS AFRICAN AMERICAN (B)

by huewire
November 18, 2024
in AFRICAN AMERICAN (B), ASIAN (B), INDIAN (B), MIDDLE EASTERN (B), NATIVE AMERICAN (B)
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By Carlos Vargas and Nelson Bocanegra

BOGOTA (Reuters) -Colombia’s economy grew 2.0% year-on-year in the third quarter, the government’s DANE statistics agency said on Monday.

The result came in below market expectations of 2.3% in a Reuters poll last week and the central bank technical team’s 2.4% forecast.

The economy grew by 0.2% from the second quarter, DANE added.

The year-on-year expansion was driven by entertainment, which grew 14.1%, agriculture, which grew 10.7%, and finance, which expanded 4.4%, DANE director Piedad Urdinola told a press conference.

The mining sector contracted by 7.1%, while manufacturing shrank 1.3%, DANE said.

Private investment in the third quarter was up 22.7% year-on-year, DANE said.

© Reuters. FILE PHOTO: A general view of the city of Bogota from the Monserrate mountain viewpoint in Bogota, Colombia May 22, 2024. REUTERS/Luisa Gonzalez/File photo

For the first nine months of 2024, economic output was up 1.6% year-on-year.

Inflation stood at 5.41% in October, well above the central bank’s 3% target. Since last December, it has cut its benchmark interest rate by 325 basis points to 9.75%.

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