Colombia: Industrial production slows in June
August 19, 2011
In June, industrial production excluding coffee threshing rose 2.2% over the same month last year, which was below the revised 4.2% growth observed in May (previously reported: +4.3% year-on-year). The June increase was mainly driven by strong growth in non-metallic mineral commodities as well as in other chemical products, which was partially offset by a sharp contraction in the automobile industry. Nonetheless, 26 out of 48 components recorded gains in production. A month-on-month analysis corroborates the deceleration seen in the annual figures, as industrial production contracted 4.2% over the previous month (May: +7.8% month-on-month). Owing to the monthly slowdown, the trend continued to point downwards, with annual average growth in industrial production easing from 4.2% in May to 3.7% in June. The Central Bank expects GDP to grow between 4.5% and 6.5% this year, with a 5.5% expansion as the most likely outturn.