Colombia's finance minister sees GDP up 5-6pc this year

MONTEVIDEO: Colombia's economy likely grew about 6 percent last year and should expand between 5 and 6 percent this year as investments grow in the South American country, Finance Minister Juan Carlos Echeverry said on Sunday.

He said the central bank, which raised interest rates last month, wants to anchor inflation expectations at 3 percent and that expectations are now edging down from about 3.5 percent.

He said investors were putting money into projects outside of traditional sectors like oil and mining to diversify the economy's sources of growth.

Foreign direct investment hit a record $14.5 billion last year and is on track so far this year to rise by 20 percent, he said.