Fiscal grievances and setbacks in Havana

COLOMBIA - Report 28 Apr 2015 by Veronica Navas and Mauricio Santa Maria
Executive Summary Private consumption and investment were the key drivers of economic activity in 2014: household consumption was up a faster 5.1% in Q4, despite spending slowdown driven by the deteriorated oil outlook. The consumption of non-durables (33% of total consumption) expanded by 4.5%; its highest rate since Q4 2011, when the economy was still surfing an oil boom. Private demand, supported by a robust labor market, is also being fueled by expanding credit. Yet this does raise concerns over the need for continued expansionary monetary policy. The Central Bank’s real intervention ra...

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