In 2003 the Colombian economy is showing signs of a moderate recovery, following annual growth of just 1.5% in 2001 and 2002. First quarter growth in 2003 came in at 3.8%, in contrast to a virtual standstill during the same period in 2002. The rate of expansion projected for the year as a whole is 2.5%, but data from the early months show better results. Inflation for the year as a whole is forecast at around 7%, similar to the 2002 figure. Although price increases trended upwards in the first four months of the year, they have eased off since May. With only a modest rise in activity levels, the employment situation remained problematic in 2002; nonetheless unemployment in 13 cities decreased by nearly a whole percentage point in the first half of 2003.

Related Subject(s): Economic and Social Development
Countries: Colombia
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