Brazil: Industrial output growth deteriorates in March
Industrial production increased 0.3% month-on-month in seasonally-adjusted terms in March (February: +0.7% s.a. mom). Looking at the details of the release, March’s weakening was largely due to a deterioration in intermediate goods production growth. In addition, consumer goods output fell. Lastly, non-durable consumer goods production contracted at a steeper pace than in February.
On an annual basis, factory output declined 2.0% in March, a less pronounced fall than February’s 4.0%, and marking the best result since August 2021. Meanwhile, annual average industrial production growth fell to 1.7% in March (February: +2.5%). This signals a worsening trend in the industrial sector.