Colombia: Industrial production contracts most since July 2009
April 19, 2013
In February, industrial production (excluding coffee threshing) contracted the most since July 2009, falling 4.5% over the same month last year. The print represents a deterioration over the revised 1.6% drop observed in January (previously reported: -1.7% year-on-year) and exceeded market expectations that had industrial production declining 2.9%. The monthly figure reflects decreases in 34 out of the 48 sub-sectors composing the index, with textile output as well as iron and steel production recording the largest losses.
Building on the February drop, the trend continues to point downwards, with annual average variation in industrial production falling from minus 0.3% in January to minus 1.0%.
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%.