Business Colombian economy

ISA 2Q 2024 Net Income Up 2% Year-on-Year

Medellin Herald August 1, 2024

Medellin-based multinational electric-power transmission, highways concessionaire and telecom giant ISA announced July 31 a 2% year-on-year gain in second quarter (2Q) 2024 net income, to COP$708 billion (US$173 million). Revenues for 2Q 2024 declined 3% year-on-year, to COP$3.4 trillion

Business Colombian economy

Millicom Rejects Atlas Bid, Unveils Movistar Merger Deal, EPM Share Bid

Medellin Herald July 31, 2024

Luxembourg-based multinational telecom-internet-cable-TV giant Millicom announced today (July 31) a deal whereby Millicom and Spain-based Telefonica would merge their Colombia operations and also buy-out EPM´s 49.9% stake in Tigo-UNE. The announcement comes on the heels of Millicom´s rejection of the recent US$4.1 billion buyout offer from telecom competitor Atlas Luxco

Colombian economy

Petro, Colombia’s Business Sectors: Economic Goals Similar, but Smart Pathways Must Emerge

Medellin Herald August 16, 2022

Colombia’s new President Gustavo Petro and Colombia’s business trade associations are publicly endorsing broad goals for boosting economic growth, improving the lot of poorer populations, cutting income inequality and moving toward a “greener” future. But the national tax proposal put forward by Petro and his Finance Minister this month ironically might only help the poor

Colombian economy

Colombia GDP Growth Approaching 9%, Industrial Confidence Hits Record, Covid-19 Threat Plummeting

Medellin Herald October 26, 2021

Colombia’s projected GDP (“PIB” in Spanish initials) for full-year 2021 is now seen at between 8.19% and 9.5%, according to the latest forecast from Fedesarrollo, the nation’s leading economic think-tank. Meanwhile, Colombia’s industrial confidence index (“Índice de Confianza Industrial,” ICI) has just hit its highest level in 41 years, according to Fedesarrollo —

Colombian economy

U.S. State Department: Colombia’s Strengths Outweigh Weaknesses for Foreign Investment

Medellin Herald July 27, 2021

A new report from the U.S. State Department finds that Colombia offers relatively favorable conditions for foreign direct investment (FDI) here – even though some regulatory areas still need updating or improvements The new U.S. report – just one of dozens analyzing the relative strengths/weaknesses for FDI in 170 nations globally – notes that Colombia […]

Colombian economy

Colombia’s Short-Term Debt Ratings Suffer Downgrade, but Outlook Improves to ‘Stable’

Medellin Herald July 2, 2021

Wall Street bond rater Fitch Ratings announced last night (July 1) that it has downgraded Colombia’s “Long-Term Foreign-Currency” (LTFC) and local currency “Issuer Default Ratings (IDR)” to ‘BB+’ from ‘’BBB-,’’ but Colombia’s debt outlook is now revised to “stable,” up from the prior rating of “negative.” “The [LTFC] downgrade reflects the deterioration of the

Colombian economy

Colombia’s Top Economic Think-Tank Sees 7% GDP Growth This Year

Medellin Herald June 18, 2021

Fedesarrollo – Colombia’s leading economic think-tank – announced June 17 that it has revised upward its previous GDP (“PIB” in Spanish initials) growth forecast to 7.2% for full-year 2021, up from a prior estimate of 4.8% growth. “The increase in the growth forecast is due to higher growth in the first quarter of this year […]

Colombian economy

Colombia’s ‘Timely, Well-Coordinated Response’ to Covid-19 Wins IMF Kudos

Medellin Herald May 24, 2021

The International Monetary Fund (IMF) on March 23 issued a detailed economic/social report finding that the Colombian government is responding wisely to the Covid-19 crisis. “Colombia has been hit hard by the pandemic, but the policy response has been timely and well-coordinated,” according to the IMF official report. “Covid-19 has taken a severe social and […]

Colombian economy

Colombia GDP Rebound Finally Enters Positive Economic Territory

Medellin Herald May 15, 2021

Colombia’s national economic statistics agency DANE revealed May 14 that gross domestic product (PIB in Spanish initials) has finally moved into positive territory for first quarter (1Q) 2021, following a year-long Covid-19 crisis. Since the collapse in second quarter (2Q) 2020 — when PIB bottomed-out at a negative 15.7% — Colombia has since steadily rebounded

Colombian economy

Colombia GDP Growth to Hit 4.5% This Year: Fedesarrollo Survey

Medellin Herald February 23, 2021

Colombia’s gross domestic product (“PIB” in Spanish initials) is likely to grow by 4.5% during 2021 — up sharply from the 6.8% GDP net decline during the Covid-19 crisis of 2020, according to a just-released monthly survey of economists by Fedesarrollo, Colombia’s top economic think-tank. According to the organization’s latest “Financial Opinion Survey” (FOS) for