Colombia: Industrial output swings back into contraction in January
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.