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Fitch attributes the move in part to fiscal decisions made by the national government that affect municipalities.

While the peace process and divisive politics in Bogotá will be thornier issues, Duque's management of the fiscal deficit will prove tricky even amid rising GDP growth rates.

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.