UPDATE 1-Colombia fiscal surplus narrows to 0.2 pct of GDP

Thu Feb 7, 2008 3:12pm GMT
 
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(Adds preliminary Ecopetrol results)

BOGOTA, Feb 7 (Reuters) - Colombia posted a consolidated public sector fiscal surplus of 0.2 percent of its gross domestic product for January-to-September of 2007, narrowing from 0.9 percent of GDP for the same period in 2006, the government said.

The surplus for the January to September 2007 period was $453.4 million, the finance ministry said in a statement released late Wednesday.

Factors contributing to the narrower surplus were greater investment by state oil company Ecopetrol and a smaller fiscal surplus posted by regional governments.

Ecopetrol had net earnings of more than $2.59 million last year, according to preliminary estimates, company President Javier Gutierrez told Reuters. Official 2007 results are set to be released on Feb. 29.

Colombia is enjoying its strongest growth in three decades as security improves and foreign investment increases under President Alvaro Uribe's U.S.-backed campaign to reduce violence from a guerrilla conflict. (Reported by Nelson Bocanegra and Javier Mozzo, editing by Walker Simon; )

 

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