Colombia: Industrial production picks up in July
September 21, 2011
In July, industrial production (excluding coffee threshing) rose 3.9% over the same month last year, which was above the revised 3.2% growth observed in June (previously reported: +2.2% year-on-year). The July increase was mainly driven by strong growth in manufacturing at sugar refineries and mills as well as in non-metallic mineral commodities. That said, over half of the 48 components recorded gains in production. A month-on-month analysis corroborates the acceleration seen in the annual figures, as industrial production expanded 0.9% over the previous month (June: -4.1% month-on-month). Owing to the stronger monthly reading, the trend pointed upwards for the first time this year, with annual average growth in industrial production rising from 4.1% in June to 4.3% in July. The Central Bank expects GDP to grow between 4.5% and 6.5% this year, with a 5.5% expansion as the most likely outturn.