Colombia lowers economic growth forecast amid falling oil prices

The Colombian Central Bank on Friday lowered the country's annual economic growth rate, citing the impact of falling oil prices.

The institute estimated that the economic growth in 2015 will be between 3.1-3.2 percent, down from the previous forecast of 3.6 percent.

While noting that 18.7 percent of the national income in 2013 came from the energy sector, Central Bank Governor Jose Uribe said the sharp drop in oil prices on the global market has adversely affected the Colombian economy, but the impact is not as great as in 2009 when 1.7 percent of growth was recorded.

The official also said food prices were expected to stabilize during the second half of 2015 and inflation will be between 2-4 percent for the year.