Colombia: Industrial production contracts the most since April 2009
May 17, 2013
In March, industrial production (excluding coffee threshing) contracted the most since April 2009, falling 11.5% over the same month last year. The print represents a deterioration over the revised 4.6% drop observed in February (previously reported: -4.5% year-on-year) and exceeded market expectations that had industrial production declining 4.5%. The monthly figure reflects decreases in 42 out of the 48 sub-sectors composing the index, with vehicles production as well as textile output recording the largest losses.
Building on the March drop, the trend continues to point downwards, with annual average variation in industrial production falling from minus 1.0% in February to minus 1.9% in March.
LatinFocus Consensus Forecast participants anticipate industrial production to rise 2.5% in 2013, which is down 0.2 percentage points from last month's forecast. For 2014, the panel expects industrial production to expand 3.8%.