Brazil Industry


Industrial production declines most in three years in January

In January, industrial production dropped a seasonally adjusted 2.1% over the previous month. The decline contrasted the 0.5% rise observed in December (previously reported: +0.9% month-on-month) and exceeded market expectations of a 0.8% decrease. In fact, the print marked the sharpest monthly contraction since December 2008. Compared with the same period of 2011, industrial output fell 3.4% in January (December: -1.3% year-on-year). Of the 27 categories surveyed by the Brazilian Institute of Geography and Statistics (IBGE), 14 categories registered a fall in output. The largest decline was observed in capital goods, followed by intermediate goods. The trend continues to point downwards, with annual average growth in industrial production swinging from plus 0.3% in December to minus 0.2% in January.


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