Colombia: Industrial production declines for a third straight month
July 21, 2012
In May, industrial production (excluding coffee threshing) contracted 0.2% over the same month last year. The decline was smaller than both the revised 2.5% drop observed in April (previously reported: -1.6% year-on-year) and market expectations of a 0.6% decline. The contraction marked the third consecutive drop in industrial output, following 28 consecutive months of positive readings. The monthly figure reflected declines in 30 out of the 48 sub-sectors composing the index, with production of chemicals as well as of textiles recording the largest losses. As a result of the monthly drop, the trend continued to deteriorate, with annual average variation in industrial production falling from 3.8% in April to 3.2%.