Colombia: Industrial production contracts for third consecutive month
March 22, 2013
In January, industrial production (excluding coffee threshing) contracted 1.7% over the same month last year, which represents the third consecutive monthly fall. The print marks an improvement over the revised 3.1% drop observed in December (previously reported: -3.0% year-on-year) but exceeded market expectations that had industrial production declining a milder 0.7%. The monthly figure reflects decreases in 28 out of the 48 sub-sectors composing the index, with textile output and non-metallic products recording the largest losses.
Building on the January drop, the trend continues to point downwards, with annual average variation in industrial production falling from 0.0% in December to minus 0.3%.
LatinFocus Consensus Forecast participants anticipate industrial production to rise 3.0% in 2013, which is down 0.1 percentage points from last month's forecast. For 2014, the panel expects industrial production to expand 3.7%.