Colombia: Industrial production growth surges in April
June 16, 2016
Industrial production rose a remarkable 8.4% in April over the same month last year, which marked a drastic acceleration compared to the 1.1% increase recorded in March and was the highest figure since March 2014. The print reflected increases in 29 out of the 39 components of the index. In April, the petroleum and combustibles component saw the largest increase, likely due production ramping up in the newly-upgraded Cartagena refinery.
The yearly acceleration pushed up the 12-month trend notably and average annual growth in industrial production reached 3.3% in April, which followed the 2.4% expansion observed in March and marked the highest average growth rate since April 2012.
Author: Robert Hill, Economist