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The real headline grabber should be Banco de la República, which — in its infinite wisdom — has chosen to ignore the other 99% who understand that 13.25% overnight rates choke off an economy.

Despite the rain this week, the environment minister announced an immediate $410 million USD relief fund to combat the effects of El Niño.

Despite opinion polls declaring we are heading for Armageddon, we see various stakeholders increasing the GDP outlook.

Though slight, the body's upward revision for Colombia comes in contrast to the IMF’s overall expectations for the global economy.

Banco de la República has now held the rate steady since cutting it by 25 basis points to 4.25% at its April meeting.

"The forecasts for 2018 and 2019 are promising and are supported by stronger growth in Colombia’s trading partners,” stated ECLAC in its mid-year regional breakdown.

The 2.8% figure is the best result in any second quarter since 2015 and up from the 2.5% growth seen in the same period during 2017.

This quarterly GDP growth represents an uptick from the meager 1.8% full-year growth in 2017 and is well above the 1.3% growth in the first quarter of 2017.

The low projection is below the bulk of more optimistic predictions from various other groups that have weighed in.

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