Colombian economy 31
Bancolombia – already Colombia’s biggest bank and now operating in 10 countries in Latin America – on March 9 reported a 21% year-on-year (y-o-y) jump in fourth quarter (4Q) 2015 net income, to COP656 billion (US$207.9 million).
The latest annual “joint industrial opinion survey” (JIOS) organized by Medellin-based Andi (Colombia’s national industrial trade association) shows that Colombia’s industrial sector continued to grow in 2015 despite the global oil-price crash that has crippled its oil-dependent neighbors.
Medellin-based XM -- Colombia’s free-market electric-power trading organization – announced February 2 that despite the “El Niño” drought phenomenon that has cut hydropower capacity, thermoelectric generators have more-than taken-up the slack.
Some 500 million Colombian flowers are expected to be exported in the run-up to February 14 (Valentine’s Day) – most of which will go to the United States, according to Asocolflores, the Colombia trade association of flower producers.
A new report from Colombia’s national federation of local Chambers of Commerce (Confecamaras) shows that while the growth of Colombia’s gross domestic product (“PIB” in Spanish initials) slipped in 2015 versus 2014, Antioquia continued to support a relatively robust growth of new businesses.
Colombia government promotion agency ProColombia announced January 18 the expansion of its “Mipyme International” export business-development project, which now aims to boost exports of goods other than petroleum or minerals to a total of US$21 billion this year.
Unlike its floundering, oil-dependent neighbors in “socialist” Venezuela and Ecuador, Colombia’s capitalist economy and industrial output are showing resilience, as indicated by the latest Departamento Administrativo Nacional de Estadística (DANE) statistical survey.
The just-issued annual report by the metro-Medellin-based Alliance for Responsible Mining (ARM) finds that Antioquia and other parts of Latin America are starting to make progress in their quest to overcome enormous problems confronting the gold-mining industry.
A new study by the Chamber of Commerce of Medellin for Antioquia (CCMA) shows that the biggest 1,030 companies in Antioquia account for 80% of the department’s exports, worth more than US$4 billion annually.