Colombia Industrial production May 2021

Colombia

Colombia: Industrial output expands at a softer pace in May

July 15, 2021

Industrial output grew a notably softer 8.6% year-on-year in May, following April’s 63.9% record-rate expansion, partially due to a less favorable base effect. Looking at the details of the press release, May’s print reflected expanding output in 24 out of 39 subsectors, as opposed to 36 out of 39 in April. May’s softer growth was largely attributed to a notably weaker increase in beverage production as well as in clothing manufacturing.

Accordingly, the trend improved solidly, with the annual average variation of industrial production coming in at plus 2.7% in May, following April’s minus 0.3% reading.

FocusEconomics Consensus Forecast panelists expect industrial output to expand 10.4% in 2021, which is up 1.9 percentage points from last month’s forecast. For 2022, panelists see industrial output growing 3.1%.


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Colombia Industry May 2021

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


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