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Andean Group - November 2019

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Economic Highlights

ECUADOR | Acceptance into AIIB. On 5 November, Ecuador’s economy & finance ministry announced that the country has been accepted into the Asia Infrastructure Investment Bank (AIIB), making it the first Latin American country to join the multilateral development bank. The AIIB is a China-based financial institution with US$100bn in starting capital. 

PERU | Exports down in first eight months of 2019. On 5 October Peru’s central bank (BCRP) released new figures which show that the country’s exports totalled US$3.14bn in the first eight months of 2019, down 8.1% on the same period in 2018. According to the same source, the biggest reduction was in the sectors of fishing, agriculture, and hydrocarbons. Meanwhile, imports in the first eight months of 2019 totalled US$3.6bn, down 5.7% on the same period in in 2018, resulting in a trade surplus of US$99m. 

COLOMBIA First gender parity initiative. Earlier this month the Colombian government led by President Iván Duque launched the country’s first gender parity initiative. Promoted by the Inter-American Development Bank (IDB) and the World Economic Forum (WEF), its main goals include ensuring more and better participation of women in the labour force, reducing the wage gap between men and women performing similar jobs, and boosting the presence of women in leadership roles. 

Andean Countries: Inflation
Monthly year-on-year figures

Source: Local central banks. No reliable data available for Venezuela.

 

Andean Countries: GDP growth
Quarterly figures are year-on-year growth
GDP  end 2018* 2019 forecast** Q3 2018 Q4 2018 Q1 2019 Q2 2019
Bolivia 4.4 4.0 4.7 4.2 3.9 3.4
Colombia 2.7 3.1 2.7 2.8 2.8 3.0
Ecuador  1.0 0.2 1.4 0.6 0.6 0.3
Peru 3.8 3.2 2.3 4.8 2.3 1.2
Venezuela -15.0 -23.0 No data No data No data No data
*Figures from the United Nations Economic Commission for Latin America & Caribbean (Eclac) December 2018.
**Figures from Eclac July 2019