Colombia: Industrial production contracts the most in over three years
January 18, 2013
In November, industrial production (excluding coffee threshing) fell 4.1% over the same month the year before, which marked the sharpest contraction since July 2009. The print contrasted the revised 1.3% rise observed in October (previously reported: +1.2% year-on-year) and exceeded market expectations of a 1.0% contraction. The monthly figure reflected decreases in 33 out of the 48 sub-sectors composing the index, with textile output and production of non-metallic minerals recording the largest losses.
Building on the November drop, the trend continues to point downwards, with annual average variation in industrial production falling from 1.2% in October to 0.4%.