Colombia’s industrial production slowed down in February; retail sales continue to rise

RIO DE JANEIRO, BRAZIL – Colombia’s industrial production registered a year-on-year growth of 10.7% in February. However, it contracted compared to the previous month, due to a brake in the dynamics of mining activity, especially in oil extraction, the Government revealed on Wednesday.

The variation in February compared to industrial production growth of 0.6% in the same month of 2021 was lower than the year-on-year growth of 15.1% in January.

The growth in February was explained by the higher production of beverages, paper, and cardboard and the manufacture of clothing, the National Statistics Department (DANE) said.

However, industrial production in February registered a month-on-month contraction of 0.7% compared to January due to drops in oil refining, soap manufacturing, detergents, vehicles, and auto parts due to delays in the face of the crisis in the global supply chain.

“We see how the international logistics component still affects manufacturing dynamics,” said DANE director Juan Daniel Oviedo.

In the first two months of the year, industrial production rose 12.7% compared to the same period of 2021, while in the accumulated of the last 12 months, it grew 18.1% compared to the same period of the previous year.

Meanwhile, retail sales in the South American country increased by 4.9% in February, compared to 2.2% in the same month of the previous year.

Compared to January, sales rose by 1.2% month-on-month, DANE said.

The motor vehicle fuels sector led sales due to greater work and student attendance after the worst of the pandemic had passed.

In the first two months, sales rebounded 12.5%, compared to 2.2% in the same period last year.

Meanwhile, over the last 12 months, retail sales soared 20.6%, up from 0.4% in the same period last year.

According to government projections, Latin America’s fourth-largest economy aims to expand by 5% this year after a historic growth of 10.6% in 2021.

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