Colombia plans to cut target for this year's growth

Colombia's central bank plans to lower its 2012 economic growth estimate at its next policy meeting, most likely tightening the current 4 percent to 6 percent range, its chief said.

Poor retail sales, industrial production data and public works spending in the last few months have forced economic authorities to talk about revising down expansion estimates this year for Latin America's fourth-largest economy.

Central bank chief Jose Dario Uribe told reporters that the body would most likely tighten the growth target although it could also lower it at the next policy meeting on July 27.

Source: Reuters