Brazil: Industrial output rebounds in March
May 3, 2013
In March, industrial production expanded 0.7% over the previous month on a seasonally adjusted basis. The result contrasted the 2.4% decrease observed in February (previously reported: -2.5% month-on-month) but undershot the 1.3% increase expected by the market. In annual terms, industrial output fell 3.3% in March, which followed the 3.2% decline tallied in February.
13 out of the 27 categories surveyed by the Brazilian Institute of Geography and Statistics (IBGE) registered an increase in output. The largest expansion was observed in durable goods.
As a result of the annual decrease in March, annual average growth in industrial production inched down from minus 1.8% in February to minus 1.9% in March. LatinFocus Consensus Forecast participants see industrial production expanding 3.1% in 2013, which is down 0.2 percentage points from last month's estimate. In 2014, industrial output is expected to rise 3.5%.