Weekly Report - 3 August 2004

COLOMBIA | Growth forecast upgraded. The government has slightly upgraded its economic growth forecast for this year, from 3.8% to 4% (2.2% per capita). The planning department (DNP) has underlined that the expected rate is well above the 2.4% average recorded in the past four years. DNP director Santiago Montenegro said, 'We want to grow at 5%-6%, but prefer to be cautious, so we are keeping the target for next year at 4% despite the fact that we see a better horizon due to the FTA [with the US] and the inherent dynamics of the productive sectors'.