Colombia, whose economy has weathered collapsing commodity prices better than most Latin American countries, announced today that 2016 GDP growth amounted to only 2%, the slowest growth for the country since it was emerging from the financial crisis in 2009.
Continued headwinds in the energy sector contributed to the slower growth. Colombia remains a large oil producer, although not as dependent on oil prices as its neighbor Venezuela is. Banking, construction, and manufacturing all aided growth.
Colombia is emerging from a controversial peace process with the rebel group FARC that some commentators believe will help boost growth in coming years. The country is also in the midst of an enormous infrastructure program designed to minimize transportation and aid the economy. Infrastructure is often expensive in the country because of its mountain terrain.
The World Bank is slightly more optimistic on 2017, projecting 2.5% GDP growth for the country.
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