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This was worst performance in eight years — below even the sluggish 1.96% growth of 2016 — and represents the third lowest rate this century.

The funds will significantly reduce the interest rate of some 77,000 mortgages that officials say will be generated by plan.

For the first time since last September, the inflation rate in Colombia landed within the central bank’s target range.

Growth will be driven by higher commodities prices, improved household consumption, and a more balanced performance across various sectors.

The prediction is slightly below the 3.0% and 2.9% forecasts from the World Bank and IMF, respectively.

Banco de la República estimates that GDP grew by just 1.6% in 2017 and maintains “uncertainty over its pace of recovery.”

Food costs, which spiked by 7.22% in 2016, saw the lowest increase this year among major economic cateogories with just a small rise of 1.92% in 2017.

S&P highlighted Colombia’s “diminished policy flexibility” due to “weakened fiscal and external profiles” in its analysis following the move.

An increase over the past month in the recreation prices (up 0.68%) and housing prices (0.30%) helped to push up the overall consumer price index.

“The dynamics of the domestic demand were weaker than expected” in the third quarter, stated the central bank.