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Colombia economy to grow 1.8% in 2017, 2.7% in 2018, finance ministry says

Colombia's Finance Ministry expects the country to record GDP growth of 1.8% in 2017 and an expansion of 2.7% in 2018, according to a Dec. 21 statement.

This year, the country's economy had bottomed out and begun a recovery in the second half, Minister of Finance and Public Credit Mauricio Cárdenas said during a presentation.

Meanwhile, growth for 2018 will be driven by advances in household consumption, exports and investment. Industries such as financials, construction and manufacturing will contribute the most to the acceleration of the economy.

The forecasts are lower than the government's July estimates for 2.0% growth in 2017 and 3.0% in 2018.

The government also sees inflation hitting 3.3% at the end of 2018, within the target range of Banco de la República. For year-end 2017, inflation should come in near 4%, at the upper limit of the central bank's target.

The government also expects the current account of the balance of payments to reach 3.2% of GDP in 2018 and for the fiscal deficit to represent 3.1% of GDP.