Colombia’s industrial production, excluding coffee processing,
contracted 10.7% in January from the same month in 2008, dragged down
by tobacco manufacturing and the printing industry, according to
official data released Thursday.
Tobacco manufacturing contracted 66% in January from the same month a
year ago, while production in the printing industry shrank 59%. Car
manufacturing output fell 23%.
Bertrand Delgado, a senior economic adviser for Roubini Global Economics, expected an 11.3% contraction in January.
Employment in the industrial sector fell 6% in January from the same month last year.
In 2008, industrial production shrank 3.5% from 2007, DANE, Colombia’s
statistics department, said last month. The decline was the steepest
since a 13% contraction in 1999.
The January contraction compares with a 9.2% decline in December and a 13% decline in November. (Dow Jones)