Colombia: Industrial production contracts for the first time since 2009
May 23, 2012
In March, industrial production (excluding coffee threshing) contracted 0.9% over the same month last year. The decline contrasted both the 4.5% rise observed in February as well as market expectations. The reading marked, in fact, the first drop in industrial output since October 2009. The monthly figure reflected declines in 29 out of the 48 sub-sectors composing the index, with oil refining as well as production of chemicals recording the largest losses. As a result of the monthly drop, the trend deteriorated in March, with annual average variation in industrial production falling from 4.7% in February to 4.1%.