Brazil: Industrial production drops in August
Industrial production contracted for a second month in a row in August. Industrial output fell 0.3% month-on-month in seasonally-adjusted terms, a starker drop than July’s revised 0.1% decrease (previously reported: -0.2% month-on-month). The print undershot market expectations of a 0.1% increase.
The decline was driven by a sharp drop in the production of intermediate goods, while output of capital and consumer goods rebounded in August.
In annual terms, industrial production rose 2.0% in August, decelerating from July’s revised 4.1% increase (previously reported: +4.0% year-on-year). Annual average growth edged down from 3.4% in July to 3.2% in August.