Brazil Industrial production March 2021

Brazil

Brazil: Industrial output drops at sharpest rate in nearly a year in March

May 5, 2021

Industrial production decreased 2.4% month-on-month in seasonally-adjusted terms in March (February: -1.0% mom), marking the worst reading since April 2020. The figure largely came on the back of a faster decline in capital goods output, while intermediate goods production expanded at a weaker rate. Lastly, both durable and non-durable consumer goods production dropped at a sharper rate than in February.

On an annual basis, industrial production rose at a quicker rate of 10.5% in March (February: +0.3% yoy), the best result since June 2010. That said, the result was partly flattered by a low base effect. Accordingly, the trend improved notably, with the annual average variation of industrial production coming in at minus 2.9%, up from February's minus 4.1% reading.

FocusEconomics LatinFocus Consensus Forecast panelists see industrial production expanding 5.8% in 2021, which is up 1.0 percentage point from last month's estimate. In 2022, industrial output is projected to grow 3.0%.


Author:, Economist

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Brazil Industry March 2021

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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