March 1, 2019 / 8:06 PM / 3 months ago

Colombia current account deficit grew to 3.8 pct of GDP in 2018

BOGOTA, March 1 (Reuters) - Colombia’s current account deficit widened to 3.8 percent of gross domestic product in 2018 compared with a year earlier, due in part to a higher transfer of assets of foreign companies operating in the country, the central bank said on Friday.

The 2018 figure was equivalent to $12.66 billion, the bank said on its website. Current accounts track a country’s net international trade and foreign investments. The current account deficit was 3.3 percent of GDP at the close of 2017.

“This increase originates principally in the increase of dollars in the current deficit, which was partially compensated by the growth of nominal GDP,” the central bank said in a statement.

Foreign direct investment in Colombia fell 20.4 percent in 2018 from the year before, to $11 billion.

Reporting by Nelson Bocanegra Writing by Julia Symmes Cobb; Editing by Leslie Adler

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