Foreign Direct Investment up 23% in First half of 2008

Colombia 1H Curr Acct Deficit At 2.2% Of GDP Vs 3.9% Yr Ago
Tue, Sep 30 2008, 23:23 GMT
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Colombia 1H Curr Acct Deficit At 2.2% Of GDP Vs 3.9% Yr Ago

BOGOTA (Dow Jones)--Colombia's current account in the first half of the year registered a deficit equivalent to 2.2% of the country's gross domestic product of the period, down from a deficit equivalent to 3.9% of GDP in the first half of 2007, the central bank said Tuesday.

In absolute terms, Colombia's current account deficit was $2.39 billion in the first half, compared with a deficit of $3.38 billion in the same period in 2007.

The current account deficit narrowed as Colombia registered a trade surplus of $1.56 billion in the first half compared with a deficit of $826 million in the year-ago period.

Export revenue was boosted by commodity prices and by higher demand from Venezuela for manufactured goods.

The difference was partly offset by an increase of the money foreign companies made in Colombia that was transferred to the companies' home countries.

Foreign companies repatriated $5.23 billion in the first half, up from $3.81 billion in the same period in 2007.

On the other hand, the capital account posted a surplus of $3.87 billion in the first half, down from $7.41 billion in the same period a year ago.

Foreign direct investment rose in the first half to $5.24 billion from $4.26 billion in the year-ago period.

Colombian Finance Minister Oscar Ivan Zuluaga said he expects the current account deficit to end 2008 equivalent to 2.5%-3% of the GDP, compared with a deficit equivalent to 3.4% of the country's GDP in 2007.

LINK:

http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=c0f805d0-...

By Ctg Bound on Oct 2, 2008, 04:47 in Friendly Talkzone.

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Ctg Bound says on Oct 2, 2008, 04:48: Other interesting information included as well, to those who like that sort of thing that is. 0 funny, 0 helpful.

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