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Year over year Q1 GDP came in at 3.0% versus a consensus expectation of 3.5%, and the QoQ number of 1.4% actually beat the estimate of 1%.

Iván Duque won convincingly in a second-round run off election over leftwing candidate Gustavo Petro, a controversial former M-19 guerrilla member.

Colombians today will put either rightwing candidate Iván Duque or leftist Gustavo Petro in office for the next four years.

Duque says that tax reform to cut the corporate rate below 30% is one of the ways Colombia can get back to 5% annual GDP growth.

"These forecasts for Colombia's growth are much higher, compared to the other scenarios in Latin America," said Cárdenas.

Last July, the IMF forecasted Colombia's GDP to grow by 3.0% in 2017. In October, that figure fell to 2.7% then, in April, it was cut again to 2.3%. Now it sits at 2.0%.

"Latin American economies remain vulnerable to a sharp deceleration in the Chinese economy and its knock-on effects in commodity prices," said Rui J. Pereira of Fitch Ratings.

“Colombia's creditworthiness could be pressured” if low growth persists and high fiscal deficits undermine the government’s push to reduce debt.

The IMF is predicting 2.3% GDP growth for Colombia in 2017, a decrease from the 2.7% expansion the institution had forecasted in October.