Colombia | GDP growth a nice surprise

Summary

Colombian GDP growth reached 2.8% YoY in 1Q15, topping our expectations (2.1% YoY). Construction, especially civil works (7.0 % YoY, 10.7% QoQ), delivered a positive surprise when most analysts expected it to have a slight increase. The non-tradable sectors, such as construction and retail, led the growth in 1Q15, thanks to the strength maintained by the labor market.

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