Colombia: Industrial production picks up in March
May 23, 2011
In March, industrial production expanded 5.2% over the same month last year, which was well above the revised 2.5% growth observed in February (previously reported: +2.4% year-on-year). The March expansion was mainly driven by stellar growth in the automobile industry (+50.8% yoy), although this was partially offset by contracting iron and steel production (-10.1% yoy) and beverages (-9.5% yoy). A month-on-month analysis corroborates the improvement in annual figures, as, industrial production increased 11.9% over the previous month (February: +2.8% month-on-month). The trend slowed somewhat, with annual average growth in industrial production easing from 5.2% in February to 5.0% in March.