Colombia: Economic activity records quickest growth since February in November
Economic activity rose 2.3% year on year in November (October: -0.5% yoy). November’s result marked the best reading since February. Looking at the details of the release, November’s pickup was broad-based. Agriculture and services activity gained steam, while industrial production contracted at a softer rate.
On a monthly basis, economic activity grew 0.9% in seasonally adjusted terms in November, contrasting October’s 1.1% fall and marking the best result since January. Meanwhile, annual average economic activity growth rose to 1.0% in November (October: +0.9%), pointing to an improving trend.
Analysts at Scotiabank Colpatria commented:
“The economic cycle is probably bottoming […]. In the case of the economic activity indicator (ISE), Colombia interrupted three months in a row of annual contractions. ISE expanded by 2.3% y/y in November, showing the effect of the discount events but also an impulse from the regional election process regarding the demand for staff services to count votes.”