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

The U.S. dollar currency index fell by almost 1% Wednesday afternoon to a 52-week low following market-moving comments by the U.S. treasury secretary.

Despite the year-over-year drop, the actual output did exceed Ministry of Mines and Energy's estimate of 840,000 barrels of oil per day.

With oil prices jumping on supply disruptions in Iran and Europe, the Colombian currency reached 2,902 pesos to the dollar.