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Brazil Industry January 2020

Brazil: Industrial output rebounds in January

Industrial production rose 0.9% on a month-on-month seasonally-adjusted basis in January, contrasting December’s revised 0.8% decline (previously reported: -0.7% month-on-month). The result beat out market expectations of a 0.6% increase in output and represented a five-month high.

The recovery in January was underpinned by strong production of capital goods, which rebounded to over a year-and-a-half high. Meanwhile, production of consumer goods also recovered in the month, while intermediate goods output picked up. Among sectors, industrial output increased in 17 of the 26 surveyed, led by the machinery and equipment, and automotive sectors.

Conversely, industrial production declined 0.9% in annual terms in January, which was less steep than the 1.2% fall registered in December. Meanwhile, annual average industrial output fell 1.0% in January, down from the 1.1% drop in December.

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