Today’s weaker-than-expected Colombian GDP data, which showed that the economy grew by 4.3% y/y in Q2 (from 6.4% y/y in Q1), are likely to tip the balance in favour of interest rates being left on hold at 4.5% at next Friday’s meeting. And with growth unlikely to rebound strongly over the coming quarters, we do not think the tightening cycle has much further to run.
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