Colombia: Industrial production declines for second consecutive month in May
July 14, 2017
Industrial production contracted for a second consecutive month in May, declining a further 0.6% on the heels of April’s 6.8% contraction. Colombia’s National Department of Administrative Statistics (DANE) reported mixed performances across sectors, with 24 of the 39 sectors surveyed reporting contractions in the month. Declines in the machinery, equipment and textiles sectors drove May’s overall contraction as competition from Asian markets drove down demand.
As a result of May’s drop, annual average growth in industrial production decreased from 1.5% in April to 1.1% in May.
Author: Christopher Thomas, Economist