BOGOTA, Dec 12 (Reuters) - Colombia’s current account deficit will likely grow to between 4.4 and 4.8 percent of gross domestic product for this year, the board of the central bank said in minutes of their latest meeting published on Friday.
Last year the country’s current account deficit was 3.4 percent of GDP.
Colombia’s trade deficit has increased as global demand for exports has fallen while domestic consumption continues to spur imports.
The minutes said the sharp fall in global oil prices will hurt the Andean country, where oil is the biggest source of foreign investment, throughout next year.
Colombia is the fourth-largest crude producer in Latin America and the big drop in oil prices over the past six months has hit the country’s trade balance.
The bank maintained its 2014 economic growth forecast of 4.5 to 5.5 percent with 5 percent the most probable figure.
The national statistics agency will publish growth data for the third quarter at 11 a.m. (1600 GMT) on Monday. (Reporting by Julia Symmes Cobb; Editing by James Dalgleish)