Colombia: Industrial production contracts in August
October 18, 2013
In August, industrial production (excluding coffee threshing) fell 3.9% over the same month last year. This figure contrasts the mild 0.2% rise tallied in July and marks the third contraction in output in the last four months. The decline exceeded the 1.1% fall that market analysts had expected. The monthly figure reflects decreases in 33 of the 48 index's sub-categories, with production of vehicles and iron and steel recording the largest contractions.
Consequently, industrial output continued the downward trajectory that has been observed since the beginning of 2012 (excluding a brief uptick in April). Annual average variation in industrial production inched down from minus 2.3% in July to minus 2.4% in August.
LatinFocus Consensus Forecast participants expect that industrial production will expand 0.2% in 2013, which is up 0.1 percentage points from last month's forecast. For 2014, the panel expects industrial production to rise 3.2%, which is also up 0.1 percentage points over the previous month's estimate.