Colombia: Industrial production declines further in June
August 22, 2013
In June, industrial production (excluding coffee threshing) fell 5.5% over the same month last year. This figure follows the 2.9% drop tallied in May (previously reported: -3.1% year-on-year) and marks the second consecutive decline in output. The fall was greater than the 3.4% contraction the market had expected. The monthly figure reflects decreases in two thirds of the index's sub-categories, with production of vehicles and non-metallic minerals recording the biggest losses.
As a result, industrial output continued the downward trajectory that has been observed since the beginning of 2012 - excluding a brief trend change in April. Annual average variation in industrial production fell from minus 1.5% in May to minus 2.2% in June.
LatinFocus Consensus Forecast participants expect that industrial production will rise 1.0% in 2013, which is down 0.5 percentage points from last month's forecast. For 2014, the panel expects industrial production to expand 3.3%.