Colombia’s economy contracted slightly in the third quarter from the same period last year, declining 0.2%.
It was the fourth straight quarter the economy fell from year-ago levels.
But a slim silver lining was seen in the quarterly numbers, suggesting the economy started pulling out of a recession that began in the fourth quarter of 2008.
The country’s broadest measure of output expanded 0.2% in the third quarter compared with the second quarter of 2009, national statistics department DANE also reported Monday.
The on-year figure, though, came in below market expectations. The median estimate in a Dow Jones Newswires survey of 11 economic analysts was for annual growth of 0.2%. Forecasts ranged from a contraction of 0.3% to an expansion of 0.6%.
DANE said manufacturing was down 5.8% on year, while mining posted an 8.8% increase. Construction activity climbed 8.8%.
Other indicators also show an uneven economic recovery from the global financial crisis and economic downturn.
Colombia’s industrial production contracted 2.8% year-on -year in October, led by declines in the output of iron and steel, nonmetallic minerals and automobiles, DANE said in a report released Friday. (Dow Jones)