The new prediction of 3pc gross domestic product growth, due to weak external demand and internal consumption similar to last year's, is far from government estimates of 3.6pc and down significantly from the 3.5pc previously projected by the bank.

The new estimates, outlined in a report published by the bank late on Monday, align with analysts who predicted in a recent Reuters' survey that the economy will grow 3.15pc this year.

"There is a worrying issue in terms of economic growth and the current account balance. What can be done to reactivate exports for me is a key issue," central bank board member Jose Antonio Ocampo said at a event on Tuesday.

The bank estimates growth of between 3.2pc and 3.3pc in 2020, a chart in the report showed, "taking into account the negative effects of greater global uncertainty about investment decisions" and a fall in consumption.

The Andean country's government has predicted growth of 4pc next year, after expansion of 2.6pc in 2018.

Meanwhile, the bank said inflation would only move toward the target in 2020.

According to graphics in the report, the bank projects inflation will end this year between 3.6pc and 3.7pc.

The country is "not facing a serious problem with inflation," Ocampo added.

Bank board chief Juan Jose Echavarria will present the bank's quarterly inflation report on Aug. 12.

The change in projections mean the board is ever more likely to hold the interest rate at 4.25pc through the end of the year, as analysts expect.