Brazil Industry

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Brazil: Industrial production flat in October

December 2, 2014

In October, industrial production recorded zero growth over the previous month on a seasonally-adjusted basis. The figure marked an improvement over September’s 0.2% contraction. Flat growth was recorded in both intermediate goods (September: 0.0% seasonally-adjusted month-on-month) and capital goods (September: +1.9% seasonally-adjusted mom). However, consumer goods rose 0.2% in October, which marked a decrease from September’s 1.0%. In annual terms, industrial production fell 3.6% in October (September: -2.1% year-on-year).

A decrease in output was recorded in 16 of the 24 categories that the Brazilian Institute of Geography and Statistics (IBGE) surveyed. The biggest negative impacts were recorded in the production of pharmaceuticals as well as in motor vehicles, trailers and trucks. Among the categories in which output increased, food products registered the largest positive contribution.

Following the fall in annual figures, annual average growth in industrial production deteriorated from minus 2.1% in September to minus 2.4% in October, marking the lowest level since September 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 October 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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