Brazil Industry

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Brazil: Industrial production contracts in February

April 1, 2015

In February, industrial production fell 0.9% over the previous month on a seasonally-adjusted basis, which contrasted the 0.3% increase recorded in January. The figure was above the 1.6% drop the marked had expected and was driven by an across-the-board deterioration, with the largest decrease recorded in capital goods.

In annual terms, industrial production fell 9.1% in February (January: -5.1% year-on-year). A decrease in output was recorded in 11 of the 24 categories that the Brazilian Institute of Geography and Statistics (IBGE) surveyed. The biggest negative impact was recorded in the production of motor vehicles, trailers and tobacco products.

Annual average growth in industrial production fell from January’s minus 3.4% to minus 4.5% in February, which marked the lowest level since December 2009. Annual average growth has followed a downward trend since March 2014.

LatinFocus Consensus Forecast participants see industrial production falling 1.0% in 2015, which is down 1.4 percentage points from last month's estimate. In 2016, industrial output is expected to expand 2.0%.


Author: Angela Bouzanis, Senior Economist

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Brazil Industry February 2015

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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