Activity data in Brazil, Colombia and Peru point to a slow recovery with a downward bias in Colombia for 2015

Summary

Economic activity declined in Brazil in October, adding a downward bias to our 2014 forecast. In Colombia, although economic activity continued apace, there are significant downside risks to the 2015 GDP forecast due to lower oil prices. In Peru the economy recovery remains incipient, despite the positive momentum in services and trade.

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