RIO DE JANEIRO, BRAZIL – Industry and retail trade in Colombia accelerated their pace of growth during January, amid robust domestic consumption in the Andean country, the National Statistics Department (DANE) revealed on Tuesday, although business confidence declined.
Industrial production increased by 15.1% in January, compared to a contraction of 1.6% in the same month last year.
The rebound exceeded that of December when it was 13.1%.
The increase in industrial production was explained by the manufacture of beverages, the manufacture of pharmaceutical products and chemical substances, and the manufacture of paper, DANE said in a statement.
In contrast, there was a contraction in coffee threshing and oil coking and refining activities.
Meanwhile, retail sales in Latin America’s fourth-largest economy rose 20.9% in January, compared to a 6.4% drop in the same month of 2021.
The percentage variation was higher than that recorded in December when it reached an increase of 15.9%.
Higher sales mainly explained the increase in trade in vehicles, automotive parts and accessories, fuels, and clothing.
The Government projects that the Colombian economy will expand by 5% this year, compared to the historic 10.6% rebound it achieved in 2021.
Despite the figures, DANE revealed that the business confidence indicator recorded its largest drop in February since records have been kept, even below the worst of the coronavirus pandemic and a series of protests and marches last year.
According to DANE, the fall in business confidence was associated with difficulties in the supply of inputs due to the increase in costs, derived from the problems of availability due to the international logistic component.