Colombia Industrial production January 2021

Colombia

Colombia: Industrial output swings back into contraction in January

March 15, 2021

Industrial output swung back into contraction in January, declining 1.6% on an annual basis (December 2020: +1.6% yoy). January’s result reflected declining output in 21 of 39 subsectors, as opposed to 13 subsectors with falling production in December 2020. Looking at the details of the press release, January’s downturn was largely attributed to plunging manufacturing of motor vehicles and their engines.

Meanwhile, the trend deteriorated further, with the annual average variation of industrial production coming in at minus 8.3% in January, down from December 2020’s minus 7.9% reading.

FocusEconomics Consensus Forecast panelists expect industrial output to expand 7.0% in 2021, which is up 0.8 percentage points from last month’s forecast. For 2022, panelists see industrial output growing 3.5%.


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Colombia Industrial production Chart


Colombia Industry January 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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