Bloomberg News

Colombia Lowers Deficit Estimate on Higher-Than-Forecast Taxes

October 08, 2011

Oct. 8 (Bloomberg) -- Colombia’s government reduced its fiscal deficit forecast as tax income exceeds projections, President Juan Manuel Santos said.

The deficit this year probably will be 3.3 percent of gross domestic product, less than a previous 4 percent forecast, Santos told a conference in Cartagena, according to comments published yesterday on the presidential website.

Colombia’s economy expanded 5.2 percent in the second quarter from a year earlier, the second-fastest pace in three years. Tax revenue will be about 8 percent more than previously calculated, giving the economy a better position to face an “uncertain global panorama,” Santos said.

“We are going to be better protected for any eventuality,” he said, according to the statement.

--Editors: Sylvia Wier, Mike Millard

To contact the reporter on this story: James Attwood in Santiago at Jattwood3@bloomberg.net

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net


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