Brazil Industry


Industrial output falls in May

In May, industrial production declined 2.0% over the previous month on a seasonally adjusted basis. The result contrasted the 1.9% increase observed in April (previously reported: +1.8% month-on-month) and exceeded market expectations of a 1.1% decrease. In annual terms, industrial production expanded 1.4% in May (April: +8.4% year-on-year).

20 out of the 27 categories surveyed by the Brazilian Institute of Geography and Statistics (IBGE) registered a decrease in output. The largest contraction was observed in capital goods.

Despite the decline in May, annual average growth in industrial production stepped up from minus 0.9% in April to minus 0.5% in May.

LatinFocus Consensus Forecast participants see industrial production expanding 2.8% in 2013, which is down 0.1 percentage points from last month's estimate. In 2014, industrial output is expected to rise 3.4%.


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Brazil Industry Chart

Brazil Industry May 2013

Note: Month-on-month changes of seasonally adjusted industrial production and annual average growth rate in %.
Source: Brazil Institute of Geography and Statistics (IBGE) and FocusEconomics calculations.

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