UPDATE 1-Colombia sees growth above 2.5 pct in 2010

(Adds details)

BOGOTA, May 24 (Reuters) - Colombia’s economy should grow more this year than the government’s initial target of 2.5 percent, based on results from the first quarter, Finance Minister Oscar Ivan said on Monday.

“For 2010, the government had set a forecast of 2.5 percent and we believe the final result will be higher,” Zuluaga said in a presentation.

The central bank said last week it expects growth of 3 to 3.5 percent this year as the Andean country recovers from the global financial crisis that battered demand for its key commodity exports.

As exports pick up and domestic demand improves, the central bank also said the economy may have grown 2.3 to 3.1 percent in the first quarter.

Colombia, which goes to the polls on Sunday to elect a new president, is Latin America’s No. 4 oil producer and a major coal producer. [nN23235724][nRISKCO] (Reporting by Javier Mozzo; Editing by John O’Callaghan)