2017.07.2317:37:00UTC+00COLOMBIA: Economy To Rebound In The Second Half Of 2017 - Santos

Colombian President Juan Manuel Santos said that his government is taking steps to improve the country's economy during the second half of 2017.

"We expect that in this second semester we will see a substantial rebound," he said.

After noting that Colombia was affected by the sharp drop in international oil prices and by a severe drought due to the El Ni?o climate phenomenon, Santos said that the local economy continued to grow well above the Latin American average.

The Colombian economy grew 1.1% in the first quarter compared to the same period a year ago, when it increased by 2.7%, according to the most recent data. Both rates, however, were much lower than in the first quarter of 2014, when the Colombian Gross Domestic Product had a 6.4% rise.

The president also stated that complying with the peace deal between the country and the Revolutionary Armed Forces of Colombia (FARC) is "a moral, political and legal obligation that Colombia assumed before the entire world, and in particular, to its highest authority, which is the United Nations Security Council."