Colombia: Industrial production picks up in May
July 19, 2011
In May, industrial production excluding coffee threshing rose 4.3% over the same month last year, which was above the revised 1.6% growth observed in April (previously reported: +2.0% year-on-year). The May expansion was mainly driven by strong growth in the automobile industry as well as in other chemical products, which were partially offset by contractions in basic precious and non-ferrous metals. That said, 33 out of 48 components recorded gains in production. A month-on-month analysis corroborates the acceleration seen in the annual figures, as industrial production expanded 7.8% over the previous month (April: -9.0% month-on-month). In spite of the monthly expansion, the trend continued to slow, with annual average growth in industrial production easing from 4.5% in April to 4.2% in May. The Central Bank has upped its GDP growth forecast from a range of 4.0% to 6.0% to between 4.5% and 6.5%, with a 5.5% expansion as the most likely outturn.