Brazil Industrial production March 2022

Brazil

Brazil: Industrial output growth deteriorates in March

May 3, 2022

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.

FocusEconomics LatinFocus Consensus Forecast panelists see industrial production expanding 0.4% in 2022, which is down 0.3 percentage points from last month's estimate. In 2023, industrial output is projected to grow 2.1%.


Author:, Economist

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Brazil Industry March 2022

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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