Colombia: Industrial production slows in February
April 25, 2011
In February, industrial production expanded 2.4% over the same month last year, which was well below the revised 6.5% growth observed in January (previously reported: +6.2% year-on-year). The February expansion was mainly driven by stellar growth in automobile industry (+42.0% yoy), although this was partially offset by contracting iron and steel production (-20.7% yoy). That said, the slower rate of annual growth reflected the fading of a favourable base effect associated with January 2010. On a monthly basis, industrial production increased 2.77% over the previous month (January: -9.08% month-on-month). The trend deteriorated slightly, with annual average growth in industrial production easing a notch from 5.3% in January to 5.2% in February.