UPDATE 3-Colombia sees '09 consolidated deficit 1.4 pct

(Adds quotes, comparative data)

BOGOTA, July 29 (Reuters) - Colombia expects economic growth of 5 percent next year and a 2009 consolidated fiscal deficit of 1.4 percent of gross domestic product versus a projected 1 percent in 2008, the government said on Tuesday.

The central government's fiscal deficit is seen at 3 percent of GDP next year versus a projected 3.1 percent in 2008, Finance Minister Oscar Zuluaga told reporters.

The central government deficit accounts only for government ministries while the consolidated deficit includes results from state-owned enterprises.

"The consolidated deficit is moving in the wrong direction as a consequence of slowing economic growth and the phase-out of certain taxes," said Camilo Perez, chief economist at Banco de Bogota.

"This is a main reason why Colombia will probably not get a credit rating upgrade this year," he said.

Colombia's economy expanded by 7.5 percent in 2007.

Total central government debt next year is expected to amount to 36.4 percent of GDP versus 37.2 percent in 2008, Zuluaga said.

The government's total 2009 spending plan is up 13.1 percent to 140.5 trillion pesos ($79.3 billion) compared with the 2008 plan, he said.

"This budget guarantees the sustainability of nonfinancial public debt and is consistent with public sector consolidated and national government deficit goals," Zuluaga said.

Colombia's peso is projected to average 1,948 to the U.S. dollar next year, he said. It was at 1,764.5 to the greenback on Tuesday. (Reporting by Javier Mozzo; Editing by Diane Craft)