Colombia: Industrial production jumps in August
October 19, 2011
In August, industrial production (excluding coffee threshing) jumped 9.5% over the same month last year, which was above the revised 4.0% growth observed in June (previously reported: +3.9% year-on-year) and represented the fastest pace since April 2008. The August outturn was mainly driven by strong growth in manufacturing at sugar refineries and mills as well as the motor vehicles category. That said, 38 of the 48 components recorded gains in production. A month-on-month analysis corroborates the acceleration seen in annual figures, as industrial production expanded 6.8% over the previous month (July: +1.3% month-on-month). Owing to the stronger monthly reading, the trend pointed upwards, with annual average growth in industrial production rising from 4.1% in July to 4.5% in August. The Central Bank expects GDP to grow between 4.5% and 6.5% this year, with a 5.5% expansion the most likely outturn.