We kept our 2025 GDP growth forecast for Colombia at 2.1%, as Q4 data was in line with our forecast, but we see some upside risks to consumption from the significant minimum wage increase. Investment and exports should continue their strong momentum and drive growth in the coming quarters. Inflation is bound to gradually slow, and we expect a return to the target range in 2026. We think this will imply a slower easing than anticipated.
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