Colombia: Industrial production records no growth in 2012
February 22, 2013
In December, industrial production (excluding coffee threshing) fell 3.0% over the same month the year before. The print followed the revised 4.0% drop observed in November (previously reported: -4.1% year-on-year) and exceeded market expectations of a 2.4% contraction. The monthly figure reflected decreases in 28 out of the 48 sub-sectors composing the index, with textile output and oil refinery recording the largest losses.
As a result, in the full year 2012, industrial production recorded zero growth, which is well below the 4.9% rise seen in 2011. Going forward, LatinFocus Consensus Forecast participants anticipate industrial production to rise 3.0% in 2013, which is down 0.1 percentage points from last month's forecast. For 2014, the panel expects industrial production to expand 3.7%.