Colombia: Industrial production declines for third consecutive month in June
August 14, 2017
Industrial production contracted for a third consecutive month in June, declining a further 1.9% on the heels of May’s revised 0.8% contraction (previously reported: -0.6% year-on-year). Colombia’s National Administrative Department of Statistics (DANE) reported mixed performances across sectors, with 20 of the 39 sectors surveyed reporting contractions in the month. Declines in the beverage-processing and textiles sectors drove May’s overall contraction. On the other hand, growth in the highly-important energy sector—notably in oil refining and fuel mixing—was recorded in the month.
As a result of June’s drop and an all-around dismal Q2, annual average growth in industrial production decreased from 1.0% in May to 0.3% in June—a nearly two-year low.
Author: Christopher Thomas, Economist