March 2, 2020 / 7:42 PM / a month ago

Colombia's current account deficit grew to 4.3% of GDP in 2019

BOGOTA (Reuters) - Colombia’s current account deficit grew to 4.3% of gross domestic product in 2019, due to higher outflows of foreign investment and a negative trade balance, the central bank said on Monday.

The deficit amounted to $13.8 billion and exceeded the deficit in 2018, which was 3.9% of Gross Domestic Product.

The increase in the deficit is due to the outflow of profits and dividends of companies with foreign investment, as well as the negative trade balance recorded in 2019, owing to higher growth in imports.

However, foreign direct investment last year rose 25.6% to $14.5 billion, compared to 2018, the central bank said in a statement.

Some 31.9% of investment destined for Latin America’s fourth-largest economy went to the mining and oil industries, while 20.6% was designated for financial and professional services. The commerce and hospitality sector received 14.7%, and manufacturing got 10.7%.

Reporting by Nelson Bocanegra; Writing by Oliver Griffin; Editing by Richard Chang

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