Brazil Industry September 2019


Brazil: Industrial output growth eases in September

November 1, 2019

Industrial production increased 0.3% month-on-month in seasonally-adjusted terms in September, which followed August’s revised 1.2% increase (previously reported: +0.8% month-on-month). August’s result had marked the strongest increase since June 2018.

September’s slowdown came on the back of a deeper contraction in capital goods output and stalling production of intermediate goods. In contrast, consumer goods production gained steam in the month. Among sectors, industrial output grew in 11 of the 26 surveyed, with the main positive contribution coming from motor vehicles, trailers and bodies production. In contrast, mining output fell in the month and dragged on the figure.

On an annual basis, industrial production grew 1.1% in September, contrasting August’s 2.1% fall.

The analysts surveyed by FocusEconomics for this month’s LatinFocus Consensus Forecast see industrial production rising 2.3% in 2020, which is up 0.2 percentage points from last month's estimate. In 2021, industrial output is expected to grow 2.7%.

Author: Angela Bouzanis, Lead Economist

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