Brazil Industry


Brazil: Industrial production contracts in September

November 4, 2014

In September, industrial production fell 0.2% over the previous month on a seasonally-adjusted basis. The figure contrasted August’s 0.6% expansion and represented the first contraction in three months. Intermediate goods swung from a 1.1% rise in August to a 1.6% contraction in September. However, capital goods expanded 1.9% (August: 0.0% month-on-month) and consumer goods rose 1.0% (August: -0.8% mom). In annual terms, industrial production fell 2.1% in September (August: -5.4% year-on-year).

A decrease in output was recorded in 7 of the 24 categories that the Brazilian Institute of Geography and Statistics (IBGE) surveyed. The biggest falls were recorded in the production of food products as well as in metal products. Among the categories in which output increased, motor vehicles, trailers and bodies registered the largest expansions.

Following the fall in annual figures, annual average growth in industrial production deteriorated from minus 1.6% in August to minus 2.1% in September, marking the lowest level since December 2012.

LatinFocus Consensus Forecast participants see industrial production contracting 2.1% in 2014, which is unchanged from last month's estimate. In 2015, industrial output is expected to expand 1.3%, which is also unchanged from the previous month’s forecast.

Author: Angela Bouzanis, Senior Economist

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Brazil Industry Chart

Brazil Industry September 2014

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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