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Colombia PMI September 2023

Colombia: Manufacturing activity falls less in September

The Davivienda Manufacturing Purchasing Managers’ Index (PMI) rose to 47.8 in September from August’s 46.8. Consequently, the index moved closer to the 50.0 no-change threshold, signaling a softer deterioration in manufacturing sector operating conditions compared to the previous month.

Demand fell less in September, leading output to also decline less as a result. However, the rate of decline in output was still steep, with activity continuing to be weighed on by high interest rates. The declines in demand and output also came despite another fall in input and output prices. Meanwhile, this decline in demand and output led businesses to trim their workforces and input purchases further. Finally, business optimism eased to a four-month low on concerns about public policy and the state of the economy.

Davivienda’s Andrés Langebaek Rueda said:

“Inflation expectations for the next year have been rising, not falling […]. This being the case, it is most likely that despite the deterioration of the economy — such as that observed in the PMI — the policy interest rate will remain high for longer.”

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