Brazil Industry February 2017


Brazil: Industrial production ekes out slight growth in February

April 5, 2017

In February, Brazil's industrial production rose 0.1% from the previous month in seasonally-adjusted terms, contrasting January’s revised 0.2% contraction (previously reported: -0.1% month-on-month). The meagre growth came in short of market expectations of a larger 0.7% increase. Behind the result was a rebound in capital goods production and stronger growth in output of consumer goods.

In annual terms, industrial production contracted 0.8% in February (January: +1.4% year-on-year). 17 of the 26 categories that the Brazilian Institute of Geography and Statistics (IBGE) surveyed recorded contractions as a sustained recovery has yet to emerge in the economy. The largest contraction was seen in petroleum products and biofuels. Annual average variation in industrial production improved from minus 5.2% in January to minus 4.5% in February.

The analysts surveyed by FocusEconomics for this month’s LatinFocus Consensus Forecast see industrial production growing 1.3% in 2017, which is unchanged from last month's estimate. In 2018, industrial output is expected to grow 3.2%.

Author: Angela Bouzanis, Lead Economist

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Brazil Industry Chart

Brazil Industry February 2017

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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