Moderate growth in the region, in particular a slow industrial recovery in Colombia and Peru

Activity data in the region: in Chile the central bank once again cut its forecast for GDP on lower domestic demand and revised its inflation forecast upwards. The scenario is consistent with increased monetary stimuli throughout the year; in Colombia retail sales consolidated in April, in contrast to the slow and erratic industrial recovery; and in Peru disappointing data for mining and construction, together with a slow recovery in manufacturing but positive growth in services

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