BOGOTA, April 19 (Reuters) - Colombia's industrial production grew at a slower rate in February than in the same month last year, pushed down by falling production of iron and steel, the government's statistics agency said on Tuesday.
Industrial output rose 2.4 percent in February compared with growth of 3.7 percent in the same month last year, the DANE statistics agency said in a report. Iron and steel production fell more than 20 percent in the same period, it said.
Retail sales, however, soared by 13.2 percent in February compared with a 3.7 percent rise in the same month a year ago, pushed up by purchases of vehicles and motorcycles, it said.
Cheaper credit and a strong local currency has boosted automotive sector expansion as Latin America's No. 4 oil producer recovered following low growth due to the global economic crisis, analysts say.
In January, industrial output rose 6.2 percent while retail sales increased 12.3 percent. For details, see
Colombia's government expects the economy to expand more than 5 percent this year after a growth of 4.3 percent in 2010 as the Andean country pursues its recovery path following the global economic crisis.
((Reporting by Bogota Newsroom, Editing by Gary Crosse)) Keywords: COLOMBIA ECONOMY/ (jack.kimball@thomsonreuters.com; +57-1-634-4133; Reuters Messaging: jack.kimball.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Industrial output rose 2.4 percent in February compared with growth of 3.7 percent in the same month last year, the DANE statistics agency said in a report. Iron and steel production fell more than 20 percent in the same period, it said.
Retail sales, however, soared by 13.2 percent in February compared with a 3.7 percent rise in the same month a year ago, pushed up by purchases of vehicles and motorcycles, it said.
Cheaper credit and a strong local currency has boosted automotive sector expansion as Latin America's No. 4 oil producer recovered following low growth due to the global economic crisis, analysts say.
In January, industrial output rose 6.2 percent while retail sales increased 12.3 percent. For details, see
Colombia's government expects the economy to expand more than 5 percent this year after a growth of 4.3 percent in 2010 as the Andean country pursues its recovery path following the global economic crisis.
((Reporting by Bogota Newsroom, Editing by Gary Crosse)) Keywords: COLOMBIA ECONOMY/ (jack.kimball@thomsonreuters.com; +57-1-634-4133; Reuters Messaging: jack.kimball.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.