Colombia: Industrial production contracts in December
February 14, 2018
Industrial production contracted 0.8% over the same month of 2016 in December, according to data released by Colombia’s National Administrative Department of Statistics (DANE) on 14 February. The result contrasted a 0.2% year-on-year rise in November.
Looking at a weighted-breakdown of the sub-components, there was a contraction in 26 out of the total 39 industrial activities, which more than offset an expansion in the remaining sectors. The downturn was primarily brought about by a marked decline in manufacturing of non-metallic mineral products, production of plastic products, and preparation of beverages. Although, the deterioration was curbed somewhat by a solid increase in coking, oil refining, and fuel blending, whose contribution to the overall print has the heaviest weight. Double-digit expansions in basic industries of iron and steel, and preparation of sugar and panela also helped to limit the decline.
Annual average industrial production growth declined to minus 0.6% in December, down from a revised minus 0.3% in November (previously reported: -0.4%). This marks the lowest result since January 2014.
Author: Nihad Ahmed, Economist