Brazil Industrial production December 2020


Brazil: Industrial output growth moderates in December

February 2, 2021

Industrial output rose 0.9% month-on-month in seasonally-adjusted terms in December (November: +1.1% mom), marking the worst reading since April—albeit coming in above market analysts’ expectations of a 0.2% rise. December's moderation was largely driven by decelerating consumer and capital goods output. However, intermediate goods production bounced back from the previous month’s fall. Lastly, durable consumer goods production moderated, while non-durable consumer goods production contracted.

On an annual basis, industrial production rose at a quicker rate of 8.3% in December (November: +2.8% yoy), the best result since April 2018. Moreover, the trend improved, with the annual average variation of industrial production coming in at minus 4.4% in December, up from November's minus 5.2% reading.

FocusEconomics LatinFocus Consensus Forecast panelists see industrial production expanding 5.9% in 2021, which is up 1.0 percentage point from last month's estimate. In 2022, industrial output is projected to grow 3.2%.

Author:, Economist

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Brazil Industrial production Chart

Brazil Industry December 20 20 1

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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