AP| Colombian economy grows 7.5 percent in 2007, largest increase in 3 decades

· Economics
Authors
The Associated Press
Published: March 28, 2008

BOGOTA, Colombia: Colombia’s economy recorded it largest growth in three decades last year, boosted by foreign investment and a construction boom, the government said Friday.

The economy grew 7.52 percent in 2007, its highest rate since 1978, the statistics office announced. In 2006, the economy expanded by 6.8 percent.

Construction grew by 13.3 percent in 2007, much of it in the capital, Bogota, and the tourist resort of Cartagena.

Foreigners also continue to see the South American country as a good bet for investments. In the first two months of 2008, foreign investment reached US$1.75 billion (€1.11 billion), more than double that recorded in the same period last year.

Investors have been attracted to Uribe’s hard line against the ongoing rebel insurgency, which has recovered vast areas of the country from guerrilla control and pushed down kidnapping and homicide rates.

The country’s currency has strengthened 11 percent against the dollar this year, hurting Colombian exporters.

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