June 4, 2019 / 6:35 PM / 20 days ago

Colombia current account deficit widens to 4.6% of GDP in Q1

BOGOTA, June 4 (Reuters) - Colombia’s current account deficit was 4.6% of gross domestic product in the first quarter, widening from the same period a year earlier owing to a depreciation of the peso and a trade imbalance, the central bank said on Tuesday.

The first-quarter figure was equivalent to $3.6 billion, the bank said in a statement, compared to a deficit of 3.5% of GDP in the first three months of 2018, equivalent to $2.8 billion.

Current accounts track a country’s net international trade and foreign investments.

“This increase originates from an increase in dollars in the current account and the effect of the depreciation of the peso compared to the dollar,” the statement said.

Foreign direct investment in Colombia was up 68.4% in the first quarter from the same three months in 2018, to $3.3 billion. Some 44% of that investment was in the oil and mining sectors. (Reporting by Nelson Bocanegra; Writing by Julia Symmes Cobb; Editing by Andrea Ricci)

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