Colombia Industrial production March 2020

Colombia

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.

Our panel projects industrial production to fall 5.1% this year, down 0.1 percentage points from last month’s forecast. Next year, industrial production is seen expanding 4.1%.


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Colombia Industry March 20 20

Note: Year-on-year changes of manufacturing industrial production and annual average growth rate in %.
Source: Colombia National Statistical Institute (DANE) and FocusEconomics calculations.


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