The stronger-than-expected 4.3% q/q surge in Colombia’s GDP in Q4 took output back to its pre-pandemic trend, confirming the recovery has been one of the quickest in the region. Although we still think growth will slow sharply in q/q terms from here as policy tightening weighs on activity, the strong carryover means we are revising up our 2022 GDP growth forecast to 6.5% (from 4.0%).
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