Brazil Industrial production September 2020

Brazil

Brazil: Industrial output growth eases in September

November 4, 2020

Industrial output rose 2.6% on a month-on-month in seasonally-adjusted terms in September, a softer increase than August's 3.6% expansion. However, the result came in above market analysts’ expectations of a 2.2% rise.

Looking at the details of the release, intermediate goods production increased at a slower rate in September, while consumer and capital goods output gained momentum. Lastly, durable consumer goods output lost pace, while non-durable consumer goods production rose.

On an annual basis, industrial output rebounded strongly, rising 3.4% in September (August: -2.5% yoy), the best result since May 2019. Accordingly, the trend improved slightly, with the annual average variation of industrial production coming in at minus 5.6%, up from August's minus 5.7% reading.

FocusEconomics LatinFocus Consensus Forecast panelists see industrial production declining 7.5% in 2020, which is up 0.6 percentage points from last month's estimate. In 2021, industrial output is projected to grow 5.2%, which is down 0.7 percentage points from last month’s estimate.


Author:, Economist

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Brazil Industry September 20 20

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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