Colombia: Industrial production contracts in May
July 19, 2013
In May, industrial production (excluding coffee threshing) fell 3.1% over the same month last year. This figure contrasts the 8.2% expansion tallied in April (previously reported: +8.4% year-on-year), which marked the strongest reading in 20 months. The print also missed market expectations that had industrial production contracting 1.2%. The monthly figure reflects decreases in 25 of the 48 sub-categories composing the index, with production of vehicles and sugar recording the biggest losses.
Following a brief trend change in April, industrial output resumed the downward trajectory observed since the beginning of 2012, with annual average variation in industrial production falling from minus 1.2% in April to minus 1.5% in May.
LatinFocus Consensus Forecast participants expect that industrial production will rise 1.5% in 2013, which is down 0.6 percentage points from last month's forecast. For 2014, the panel expects industrial production to expand 3.6%.