Colombia economic growth speeds up in 1QFY11

Colombia, which is Latin America's No. 5 economy, grew faster than regional powerhouses Mexico and Brazil on a year-over-year basis, but slower than the scorching rates seen in Chile and Argentina.

Colombia's first-quarter GDP growth rate was faster than the 4.77 percent average forecast of 40 analysts polled by Reuters last week.

Growth in the first quarter of 2010 was 4.1 percent versus a year earlier, according to the DANE statistics agency.

In the fourth quarter of 2010, Colombia's gross domestic product grew an upwardly revised 4.8 percent versus a year earlier, the agency said. Last March it said the GDP grew 4.6 percent in that period.

Colombia's first-quarter growth was 1.9 percent versus the fourth quarter of last year, DANE said.

The country, which is Latin America's No. 4 oil producer, has experienced a strong recovery from the global economic crisis, garnered three investment-grade credit ratings so far this year, and continued to reap strong inflows in the mining and oil sectors.

Regionally, in the first quarter, Brazil grew 4.2 percent and Mexico 4.6 percent, but Argentina expanded at a scorching 8.6 percent and Chile's economy roared ahead at 9.8 percent.

Copyright Reuters, 2011