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Colombia to reduce forecasts on global gloom

Monday, July 9, 2012

Colombia’s central bank will “very probably” cut its forecast for 2012 economic expansion as a slowing global economy cuts demand for the Andean nation’s exports, bank chief José Dario Uribe said.

Banco de la República currently forecasts gross domestic product growth of 4 percent to 6 percent this year.

“The data for the behavior of exports and of the industrial sector will very probably lead the central bank’s forecasters to lower the estimate,” Uribe said.

Source: Business Week