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Over the last few weeks we have been reviewing our global and local economic outlook scenario and the year economic performance has been especially challenging due to the change in international conditions, mainly.
Economic growth will continue to be led by investment in view of the expected stabilisation in consumption spending. We estimate GDP growth in 2019 and 2020 will be at 3.0% each year and inflation at 3.3% and 3.2%, respectively. The Central Bank will keep its interest rates stable for a long time.
For several months, we have seen with concern a deterioration in the labor market that has been reflected in a higher unemployment rate, less job creation and/or a change in workers seeking employment, mainly.
This presentation deals with the recent performance and outlook for 2019-2020 of the Colombian economy and automotive sector. Households that buy cars and motorcycles in Colombia are profiled from the Household Budget Survey published in 2018 by DANE.
Against a background of increasing concerns on economic cycle strength and uprise of global trade tensions, the central banks' more dovish tone helps that financial tensions and global risk aversion remain bounded.
Last week they published data on the growth of the Colombian economy in the first quarter of the year and the large figures show a gradual and orderly recovery as expected. Within the recovery highlights positively the progress in investment in machinery and equipment and civil works.
April's inflation was the highest figure for the year but we believe it is a transitory increase and that at the end of the year it will return to the Bank of the Republic's target of 3% per year. Inflation recently published for April surprised the rise and stood at 0.5% per month above expectations.
An analysis of use and access of the tools for the digital era in Colombian companies, such as: electronic devices, Internet, electronic commerce, large volumes of information, among others. We analize variables that define the adoption and penetration in the company as size and economic sector