MONTHLY ECONOMIC AND MARKET OVERVIEWportugalcolombia.com/media/Monthly-Economic-and-Market...3 Main...
29
MONTHLY ECONOMIC AND MARKET OVERVIEW June 2013 Economic Research and Strategy Division
Transcript of MONTHLY ECONOMIC AND MARKET OVERVIEWportugalcolombia.com/media/Monthly-Economic-and-Market...3 Main...
MONTHLY ECONOMIC AND MARKET OVERVIEW
June 2013
Economic Research and Strategy Division
2
Disclaimer
The data and information herein contained should not be considered as any advisory service, recommendation or
suggestion on the part of the Bancolombia Group with regard to any investment decision or any type of transaction
or business to be carried out and therefore any use of such information shall be the sole responsibility of the user.
The figures, interest rates and other data herein contained are for informative purposes only and do not constitute
any type of offer or firm demand for any transaction that may be performed in connection with such.
3
Main highlights
Latam’s economic activity decelerated in 1Q13, but should rebound in the coming quarters. Colombia grew 4.0% in 2012, and we revised upwards our forecast for 2013 to 4.2%.
Colombian economic slowdown has been caused by a combination of both external and internal
factors.
Prices are close to the lower bound of Central Bank’s target range. We expect inflation to close at 2.6% this year.
We revised upwards our USDCOP rate forecast, because of the uncertainty caused by the potential changes in mandatory pension funds regulation that would increase their investments in foreign assets, as well as the global uncertainty, the daily purchases of USD by the Central Bank and an increase in current account deficit for 2013.
In May, the COLCAP completed four months of drops adjusting a decrease of 9.1% YTD. The volume last month was $220 billion, over its daily average ($179 billion). In addition, we expect a lateral trend in the stock market for the next month, given the absence of catalysts that could give direction to the market in the short term.
CONTENTS
1. Economic Overview
Global and Latin American Economies
Colombian Economy
2. Market Overview
Fixed Income and FX
Equities
3. Economic Summary and Market Recommendations
CHAPTER 1: ECONOMIC OVERVIEW
i. Global Economic Outlook
ii. Latin America Economic Trends
iii. Colombia Economic Trends
Real activity and external leading indicators
Financial sector
Fiscal accounts
The IMF is forecasting a slower world GDP growth, from 3.5% to 3.3% in 2013
Source: World Economic Outlook – International Monetary Fund
Oil price: WTI, Bloomberg, Deutsche Bank
GDP growth forecast (IMF - April 2013)
6
FMI - Abr 2013 Diferencia
2013 2014 2013 2014
World Output 3,3% 4,0% -0,2% -0,1%
Advanced Economies 1,2% 2,2% -0,2% 0,0%
United States 1,9% 3,0% -0,1% 0,0%
Euro Area -0,3% 1,1% -0,1% 0,1%
Germany 0,6% 1,5% 0,0% 0,1%
Italy -1,5% 0,5% -0,5% 0,0%
Spain -1,6% 0,7% -0,1% -0,1%
Japan 1,6% 1,4% 0,4% 0,7%
Emerging and Developing
5,3% 5,7% -0,2% -0,2%
China 8,0% 8,2% -0,2% -0,3%
India 5,7% 6,2% -0,2% -0,2%
LatAm and the Caribbean 3,4% 3,9% -0,2% 0,0%
Colombia 4,1% 4,5% -0,3%
WTI USD/bbl 94,00 98,00 -2,25 -5,25
7
LATAM GDP growth (% oya) LATAM GDP growth and leading indicator (% oya)
Source: Grupo Bancolombia (GB) based on INEI; IBEGI, IBGE, Central Bank of Chile. *
Grupo Bancolombia’s GDP estimate
Latam’s economic activity decelerated in 1Q13, but should rebound in the coming quarters
0,8
1,8
1,9
3,0
4,0
4,8
0,0 1,0 2,0 3,0 4,0 5,0 6,0
Mexico
Inv. Grade
Brasil
Colombia*
Chile
Peru
5,5
11,4
14,7
-11,1
7,5
5,5
0,9
9,6
1,0
8,2
4,0
5,9
7,1
0,7
6,2
2,1
1,6
3,0
-5,7
7,4
-15 -10 -5 0 5 10 15 20
Households consumption
Government consumption
Investment
Exports
Imports
Brazil
Colombia*
Chile
Peru
8
LATAM remains an attractive region to invest despite an uncertain global backdrop
Source: ECLAC “La Inversión Extranjera
Directa en América Latina y el Caribe” 2012
Latam's share in global FDI flows (%)
Net FDI inflows by country between 2010-13 (USD bn)
6
87
910
13
0,0
2,0
4,0
6,0
8,0
10,0
12,0
14,0
2007 2008 2009 2010 2011 2012
66,7
19,422,9
13,48,2
9,8 8,3
65,2
12,6
30,3
15,812,2 12,5
8,8
0
10
20
30
40
50
60
70
Bra
zil
Me
xico
Ch
ile
Co
lom
bia
Pe
ru
Arg
en
tin
a
Ce
ntr
al
Am
.
2010
2011
2012
9
Leading indicators suggest moderation in economic activity at the start of 2013
Source: Grupo Bancolombia (GB), DANE
Leading Indicators – Colombian Real Economic Activity
Positive but lower than a period ago
Much more negative than a period ago
Better than a period ago
Date Value
GDP YoY 4Q12 3.1 2.7 6.6
Household consumption YoY 4Q12 4.0 3.9 5.4
Investment YoY 4Q12 3.0 1.0 18.9
Inflation YoY May 2.00 2.02 3.44
Urban unemployment Rate April 10.7 11.6 11.4
Job creation / Losses Thousands April 151 179 368
Exports YoY April -1.2 -20.0 3.9
Traditional YoY April -11.3 -24.0 7.5
Non traditional YoY April 27.2 -9.5 -5.2
Imports YoY March -10.3 -0.7 7.7
Consumption YoY March -6.0 3.3 14.3
Capital Goods YoY March -6.7 1.9 -9.6
Consumer confidence Index April 23.7 14.8 26.6
Energy demand YoY May 2.60 8.08 3.66
Industrial production YoY March -11.5 -4.6 -0.6
Retail sales YoY March 0.9 0.6 6.8
Vehicles sales Units April 25,772 23,551 24,941
Indicator UnitLatest data A period
agoA year ago A period ago A year ago
10
We revised our growth forecast from 4.0% to 4.2%, given the impact of the PIPE impact and a stronger
moderation in external sector
Annual GDP Growth– Demand Side
Source: Grupo Bancolombia (GB), DANE
The “PIPE” is the plan to boost productivity and employment
4.0
8.0
4.4 4.3
5.15.7
5.3
4.0
8.7
4.3 4.3 4.2
8.0
4.54.2
5.8
4.3 4.2
5.1
8.4
2.1
0
1
2
3
4
5
6
7
8
9
10
GDP Imports Final consumption Household Government Gross capital
formation
Exports
2012
2013 Previous Forecast
2013
Annual GDP Growth – Supply Side
We expect construction and services to be the best performing sectors in 2013
So
urc
e:
Gru
po B
ancolo
mbia
(G
B),
Dane
11
2.3%
4.7%
2.0%
3.7%
5.6%
3.9%
4.2%
5.1%
4.7%
4.4%
4.2%
1.9%
4.7%
2.0%
3.7%
5.3%
3.8%
4.2%
5.0%
4.3%
4.4%
4.0%
2.6%
5.9%
-0.7%
3.5%
3.6%
4.1%
4.0%
5.5%
4.9%
4.7%
4.0%
Agriculture (6%)
Mining (8%)
Industry (13%)
Energy, Gas, Water (4%)
Construction (6%)
Retail (12%)
Transport and comunications (7%)
Financial services (19%)
Non-financial services (15%)
Taxes (10%)
GDP (100%)
2012 2013 Previous Forecast 2013
12
So
urc
e:
Gru
po B
ancolo
mbia
(G
B),
Dane, M
inis
terio d
e D
efe
nsa
Due to lower tax collection, we expect Central Government’s
deficit to reach 2.7% of GDP in 2013
General Government Balance as % of GDP
M.M. $ % GDP M.M. $ % GDP M.M. $ % GDP M.M. $ % GDP
Total income 94,247 15.3% 107,067 16.1% 117,582 16.3% 116,481 16.6%
Total expenses 111,754 18.1% 122,507 18.5% 135,247 18.7% 135,247 19.3%
Central Government
Balance-17,507 -2.9% -15,440 -2.3% -17,665 -2.4% -18,766 -2.7%
Non Financial Public Sector -11,318 -1.8% 2,989 0.46% -7,118 -1.0% -8,219 -1.2%
Combined Public Sector -12,585 -2.0% 1,826 0.3% -7,276 -1.0% -8,382 -1.2%
(F) Forecast
2012 2013 (F)
Ministry of Finance
2013 (F) 2011
13
The external sector could contribute less to GDP growth in 2013
Trade Balance (USD millions)
Source: Grupo Bancolombia (GB), DANE
Rubro 20122012
(Crec.%)2013 py
2013 py
(Crec.%)
2013 py ant
(Crec %)
ExportacionesTotales 60,272 5.9% 61,201 2% 10%
Tradicionales 42,303 5.1% 42,499 0.5% 7%
Café 1,910 -26.8% 1,925 1% -7%
Petróleo 31,642 11.3% 33,296 5% 9%
Carbón 7,805 -7.0% 6,402 -18% 0%
Ferroniquel 881 6.6% 877 -1% 4%
No tradicionales 17,970 7.8% 18,702 4% 16%
Importaciones CIF 58,601 7.1% 63,684 9% 10%
Importaciones FOB 55,207 7.1% 59,733 8% 10%
Balanza Comercial 5,066 -5.5% 1,469 -71% 10%
Concept
Total Exports
Traditional
Coffee
Oil
Coal
Nickel
Non traditional
Imports CIF
Imports FOB
Trade Balance
2012
2012 (f)
(YoY%) 2013(f)
2013 (f)
(YoY%)
2013 (Prior
forecast)
(YoY%)
2020 (f)
(YoY%)
Loan growth rates (% oya)
Consistent with overall economic activity, credit growth is moderating
NPL Ratio
Source: Grupo Bancolombia (GB), Superfinanciera 14
12,73%
11,33%
12,99%
11,11%
16,98%
-14%
-4%
6%
16%
26%
36%
46%
56%
66%
Mar-05 Mar-07 Mar-09 Mar-11 Mar-13
Total Commercial Consumption
Mortgage Microcredit
3,22%
1,99%
5,47%
2,37%
6,07%
0%
2%
4%
6%
8%
10%
12%
14%
Mar-05 Mar-07 Mar-09 Mar-11 Mar-13
Total Commercial Consumption
Mortgage Microcredit
CHAPTER 2: MARKET OVERVIEW
i. Risk Premiums and Money Market Indicators
ii. Local Sovereign Debt (TES)
iii. Corporate Debt
iv. FX Market (USDCOP and other currencies)
v. Equities
vi. Commodities
16
In May, Latam USD sovereign spreads widened amid highly volatile global market conditions
EMBI plus spread (bp) – Latam investment grade countries
Source: Grupo Bancolombia (GB), Bloomberg
80
120
160
200
240
280
Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 May-13
bp
Colombia Brazil Peru Mexico
30-Apr-13 31-May-13 Chg (bp)
Peru 130 158 28
Colombia 132 169 37
Mexico 145 170 25
Brazil 171 206 35
Latam 346 381 35
Average 32
17
Local sovereign curves have experienced a bearish steepening
Source: Grupo Bancolombia (GB), Bloomberg
Fixed Rate TES Yield Curve (% AE) UVR TES Yield Curve
3.578%3.597%
3.770%3.979%
4.101%4.532%
4.358%4.819%
4.856%
4.870%5.248%
5.285%
3.752%
3.809%
3.940%4.700%
4.948%
4.532%5.240%
5.710%
6.000%5.715%
6.388%6.350%
3.10%
3.60%
4.10%
4.60%
5.10%
5.60%
6.10%
6.60%
7.10%
Nov
-13
May
-14
Sep
-14
Oct
-15
Jun-
16
Oct
-18
Nov
-18
Jul-2
0
May
-22
Jul-2
4
Aug
-26
Apr
-28
17 21 17 72 85 0 88 89 114 85 114 107Var pbs
30-abr-13 31-may-13
1.50%1.70%
2.18%2.25%
2.00%
2.35%2.87% 2.50%
0.9%
1.4%
1.9%
2.4%
2.9%
3.4%
Feb
-15
May
-17
Mar
-21
Feb
-23
50 65 69 25
Var pbs
30-abr-13 31-may-13
18
May was a negative month for Latin American corporate bonds
CEMBI Broad index total return (%) – by country and sector
The Corporate Emerging Market Bond Index (CEMBI) is a market capitalization weighted index consisting of US-denominated Emerging Market corporate bonds.
Source: Grupo Bancolombia (GB), Bloomberg, BVC
-3.02%
-3.55%
-1.55%
-0.84%
-1.70%
-0.23%
-0.13%
-3.61%
-3.44%
-2.71%
-2.48%
-2.73%
-2.03%
-1.45%
-4.0% -3.0% -2.0% -1.0% 0.0%
Peru
Mexico
Brazil
Colombia
Latam
CEMBI
ChileMay 2013
YTD
-2.49%
-2.68%
-0.23%
-0.64%
1.19%
0.08%
1.55%
1.85%
-3.32%
-2.81%
-2.03%
-2.57%
-1.23%
-1.99%
-1.81%
-1.53%
-4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0%
Metals & Mining
Oil & Gas
CEMBI
Telecom
Banks
Utilities
Industrial
Retail
May 2013
YTD
19
Colombian peso has been one of the worst performing currencies in Latam during 2013.
However, the USDCOP volatility is still one of the lowest in the region
LATAM Currencies Performance (Index 100 = January 2013)
Source: Grupo Bancolombia (GB), Bloomberg
LATAM currencies vs EUR volatility (minimum, maximum and last level registered in 2013)
-1.57%
-4.77%
-1.36%
1.37%
2.67%
4.19%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
Jan-13 Jan-13 Feb-13 Mar-13 Mar-13 Apr-13 May-13
USDBRL USDMXN USDCLP
USDPEN USDCOP USDARS
5.3%
7.4%
2.1%
3.8%2.7%
6.5%
9.2%
10.2%
5.2%
7.1%
14.9%10.4%
8.4%9.4%
10.8%
7.6%
11.7%
8.8%
BRL MXN CLP COP PEN EUR
Last
20
Upward revision of the USDCOP forecast reflects an increase in current account deficit, regulatory uncertainty and potential
changes in US monetary policy
Source: Grupo Bancolombia (GB), Bloomberg, BanRep
USDCOP vs EMBI spread Colombia End of year exchange rate forecast
USDCOP – Quarterly Forecast
0
100
200
300
400
500
600
700
800
1,500
1,700
1,900
2,100
2,300
2,500
2,700
May-07 May-08 May-09 May-10 May-11 May-12 May-13
bp
USDCOP
EMBI SpreadColombia
1.941
1.927
1.897
1.936
1.922
1.877
1.946
1.932
1.918
1.830
1.850
1.870
1.890
1.910
1.930
1.950
Mar
-13
Jun
-13
Sep
-13
De
c-1
3
21
Despite the COLCAP recovered part of the losses of the year during
the first weeks, the stock index ended the month below 1670
COLCAP Evolution vs Trading Volume COLCAP Monthly Variations
Source: Grupo Bancolombia, BVC May 31, 2013
-3.3%
-5.0%
2.1%
-0.3%
0.8%
7.7%
-2.8%
4.2%
1.8%
-1.2%
-3.8%-5.1%
-1.1%
-8%
-5%
-2%
1%
4%
7%
10%
May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13600
1,000
1,400
1,800
0
150
300
450
May-07 Nov-08 May-10 Nov-11 May-13
Po
ints
Bill
ion
s C
OP
COLCAP20 per. Mov. Avg. (Volumen de negociación (eje der.))20 per. moving average (Trading Volume (right axis))
22
The stocks that presented the biggest advances of the local
market were Canadian oil companies, after reaching minimum levels, which created attractive opportunities for investors.
Sou
rce
: Gru
po
Ban
colo
mb
ia, B
loo
mb
erg
May
31
, 20
13
Close Price
5/31/2013 1 month 3 months 12 months YTD 2012
Col20 1,272 0.7% -8.1% -9.1% -5.8% n.a. n.a.
Colcap 1,666 -1.1% -9.4% -0.8% -8.7% n.a. n.a.
IGBC 13,352 -0.3% -9.7% -5.5% -9.3% n.a. n.a.
Icolcap 16,877 -0.8% -8.0% 0.2% -7.8% n.a. n.a.
Celsia 5,050 -4.2% -15.4% 13.2% -4.9% 3,633,902 0.8%
EEB 1,360 -0.4% -3.5% 37.5% 3.0% 12,486,401 2.9%
ISA 7,940 -5.5% -18.5% -28.2% -17.3% 8,794,962 2.0%
Isagen 2,620 3.1% 1.2% 6.5% 6.1% 7,142,309 1.6%
Corficol 36,540 3.5% 3.0% 13.5% 0.4% 6,905,724 1.6%
BVC 30 3.5% -4.8% -6.3% -1.7% 550,848 0.1%
Pref. Bancolombia 28,000 -6.4% -3.4% 3.5% -6.2% 23,596,304 5.4%
Davivienda 25,460 4.3% -1.7% 16.3% 9.1% 11,300,844 2.6%
Pref. Grupo Aval 1,400 9.4% 8.9% 20.2% 8.1% 25,972,473 6.0%
Pref. Grupo Sura 39,600 3.1% -1.0% 18.6% 3.6% 22,409,510 5.2%
Pref. Helm Bank 511 6.2% 2.6% 4.3% 6.2% 2,285,136 0.5%
Conconcreto 1,315 -3.0% -10.5% 2.7% -1.9% 467,916 0.1%
Cemargos* 7,800 -4.3% -13.3% 21.1% -24.3% 8,983,044 2.1%
Inverargos 20,160 -0.8% -12.3% 21.4% -1.7% 15,781,097 3.6%
El Cóndor 1,460 -1.4% -5.8% n.a. n.a. 838,574 0.2%
Nutresa 25,500 1.4% -4.7% 21.4% 0.5% 11,733,148 2.7%
Éxito 30,960 3.5% -12.0% 8.6% -12.8% 13,857,830 3.2%
Fabricato 10.0 -16.7% -86.1% -88.8% -86.1% 91,975 0.0%
Carvajal 4,640.0 -9.0% -0.2% n.a. n.a. 171,375 0.0%
Tablemac 7.4 -0.7% -7.4% -31.5% -11.4% 187,948 0.0%
Ecopetrol 4,080 -7.1% -21.5% -23.6% -25.1% 167,756,130 38.7%
Pacific Rubiales 40,140 4.1% -9.4% -9.6% -3.9% 11,737,492 2.7%
Canacol 5,140 13.3% -12.7% -55.3% -91.1% 2,636,578 0.6%
Petrominerales 11,200 14.5% -25.3% -50.9% -24.3% 1,024,800 0.2%
ETB 416 4.8% -1.2% -5.5% 5.1% 1,477,030 0.3%
Avianca 4,305 1.3% -5.9% 13.6% -4.5% 3,880,131 0.9%
Index
Energy
Financial
Construction and
Infraestructure
** Change calculated on the total market value (COP495 billions)
* Change estimated based on the proforma price before excision
Consumption
Industrial
Oil and Gas
Others
CompanyChange % Market Cap.
(MM)
% Market
Cap.SECTOR
23
Most of the return concentration in May was inside the historical standard deviation, therefore
the volatility was lower than April’s reading
COLCAP Daily Return Semideviation – COLCAP Monthly Return
Semideviation corresponds to the deviation of the negative returns.
Source: Grupo Bancolombia, Bloomberg May 31, 2013
-4%
-3%
-2%
-1%
0%
1%
2%
3%
4%
5%
1-Jan 25-Jun 17-Dec 9-Jun 1-Dec 25-May
(+ -) S.D. 90 periods moving average
0.9%
1.5%
0.7%
0.8%0.8%
0.6%
1.3%
0.5%0.4%
0.5%
0.7%
1.3%
0.8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
0.0%
0.5%
1.0%
1.5%
2.0%
may-12 ago-12 nov-12 feb-13 may-13
Semideviation Return (Right Axis)
CHAPTER 3: ECONOMIC SUMMARY AND MARKET RECOMMENDATIONS
25
Colombian economic fundamentals have significally improved during the past 20 years
Source: Grupo Bancolombia (GB)
Key economic indicators (10-year averages)
3,4 2,94,1 4,5
9,4
18
11,8
8,5
23,321,4
63,4
34,4
29,2
8,5
4,7
24,9
16,8
2,6
-3,7
-10
-5
0
5
10
15
20
25
30
35
40
80's 90's 00's 10's
Crecimiento económico Desempleo Inflación DTF DevaluaciónGDP Growth Unemployment Inflation STIR Currency Depreciation
26
2013 year-end economic forecasts
So
urc
e:
Gru
po B
ancolo
mbia
(G
B),
Blo
om
berg
Forecast indicator 2012Prior forecast
2013
Current forecast
2013
Inflation
(CPI annual change)2.44% 3.30% 2.60%
GDP
(annual change)4.00% 4.00% 4.20%
Central Government
Surplus/Deficit
(%GDP)
-2.30% -2.40% -2.70%
Current account
(%GDP)-3.10% -3.01% -3.40%
Unemployment rate
(13 major cities)10.20% 9.28% 9.28%
FX rate
(USDCOP year end)1,766.78 1,780 1,897
FX rate
(USDCOP annual average)1,798.39 1,765 1,899
DTF 90 day rate
(E.A. year end)5.22% 4.31% 3.81%
DTF 90 day rate
(annual average) 5.34% 4.29% 3.94%
Central bank reference rate
(year end)4.25% 3.75% 3.25%
10-year bond real interest rate 3.14% 2.76% 2.57%
27
So
urc
e: G
rupo B
ancolo
mbia
(G
B),
IM
F,
Fo
cus E
conom
ics
2013 year-end economic forecasts
Forecast indicator 2012Prior forecast
2013
Current forecast
2013
Euro
(EURUSD, year end)1.3193 1.3374 1.3374
Central bank reference rate FED *
(year end)0,0 - 0,25 0,0 - 0,25 0,0 - 0,25
Inflation U.S *
(CPI annual change)1.85% 1.90% 1.68%
GDP U.S. *
(annual change)2.20% 2.00% 1.90%
Central bank reference rate ECB *
(year end)0.75% 0.60% 0.52%
Inflation Eurozone *
(CPI annual change)2.20% 1.62% 1.63%
GDP Eurozone *
(annual change)-0.58% -0.20% -0.34%
Central bank reference rate Latam
(annual average)5.70% 5.70% 5.90%
Average inflation Latam
(CPI annual change)5.80% 6.40% 6.70%
GDP Latam
(annual average)2.90% 3.50% 3.50%
* The new forecast for U.S and the Eurozone correspond to IMF and Focus Economics data
28
Economic Research and Fixed Income Strategy Team
Andres Ortiz Iregui Senior Economist - Latin America [email protected] (571) 3536600 Ext.15892
Egberto Alexander Riveros Saavedra Economist – Colombian Real Activity [email protected] (571) 353 6600 Ext. 15893 Carlos Arturo Zeller Rodríguez Economist – Colombian Financial Sector and Central Bank [email protected] (571) 3536600 Ext. 15770 Isabela Ossa Guerrero Intern [email protected] (571) 353 6600 Ext. 15655
Lucía Duarte Agudelo Strategist - International Sovereign Debt and FX Markets [email protected] (571) 353 6600 Ext. 15866
Brian Lesmes Abril Strategist - Republic of Colombia Debt [email protected] (571) 3536600 Ext. 15867
Carolina Hernández Mora Intern [email protected] (571) 353 6600 Ext. 15766
Juan Pablo Espinosa Arango Head of Economic Research and Fixed Income Strategy
[email protected] (571) 3535287
29
Jairo Julian Agudelo Restrepo Head of Infrastructure, Consumer and Industry
(574) 404 6074
Natalia Agudelo Parra Head of Energy
(574) 404 6074
Mauricio Amador Pilonieta Head of Financial and Small Caps [email protected] (571) 353 6600 ext. 17771 Diego Alexander Buitrago Aguilar Energy analyst [email protected] .co (571) 353 6600 ext. 17770
Piedad Elena Acevedo Zuluaga
Teléfono: [4] 607 80 90 Ext. 42934 Auxiliar
[email protected] Laura Alejandra Manrique Díaz Intern [email protected] (571) 353 6600 ext. 17765 Luisa Fernanda Arce Zamudio Intern [email protected] (571) 353 6600 ext. 17764
Equity Research Team
![Monthly Economic Reviewbsl.gov.sl/MER October 2019- Finalised Version.pdf · Monthly Economic Review October 2019 Publisher: The Monthly Economic Review [MER] is published by the](https://static.fdocuments.us/doc/165x107/5eddde83ad6a402d66691757/monthly-economic-october-2019-finalised-versionpdf-monthly-economic-review-october.jpg)
