In November 2013, industrial production (excluding coffee threshing) fell 0.6% over the same month of the previous year. This increase contrasted the flat reading recorded in October and marks the 10th contraction in output in the last 13 months. The decline undershot the zero growth that market analysts had expected. The monthly figure reflects a deterioration in more than half of the index's sub-categories, with production of vehicles, precious metals and non-ferrous metals recording the largest contractions. Despite November's decline, the downward trajectory that began in early 2012, which was only briefly interrupted by an uptick in April, has now ended. Annual average variation in industrial production rose from minus 2.6% in October to minus 2.3% in November, the highest print in six months. LatinFocus Consensus Forecast participants expect that industrial production will expand 2.6% in 2014, which is down 0.2 percentage points from last month's forecast. For 2015, the panel expects industrial production to increase 3.1%.
Industrial production contracts in November
January 17, 2014
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Colombia Industry Chart
Note: Year-on-year changes of industrial production and annual average growth rate in %.
Source: Colombia National Statistical Institute (DANE) and FocusEconomics calculations.
Colombia Economic News
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