Colombia: Industrial output drops at sharpest rate in 7 years in March
May 14, 2020
Industrial output in the manufacturing sector plummeted 8.9% year-on-year in March (February: +4.5% yoy), marking the steepest fall since March 2013. The result reflected the impact of the Covid-19 pandemic which has caused sales to plunge as the global economy stalls and disrupted supply chains. The downturn was broad-based, with 29 of the 39 sub-sectors reporting falling output.
Accordingly, annual average industrial production growth fell sharply to 0.7% in March (February: +1.7%). This signals a worsening trend in the industrial sector.