Brazil: Industrial output stays flat in August
October 2, 2013
In August, industrial production registered flat growth over the previous month on a seasonally-adjusted basis. The result contrasted the 2.4% contraction observed in July (previously reported: -2.0% month-on-month) and fell just short of the 0.2% expansion the market had expected. In annual terms, industrial production contracted 1.2% in August (July: +1.7% year-on-year).
An increase in output was recorded in 15 of the 27 categories surveyed by the Brazilian Institute of Geography and Statistics (IBGE). Food and automobiles registered the largest expansions. Pharmaceuticals and tobacco tallied the largest contractions among the 12 categories where production fell.
In addition, annual average growth in industrial production remained at July's 0.7% in August.
LatinFocus Consensus Forecast participants see industrial production expanding 2.3% in 2013, which is down 0.1 percentage points from last month's estimate. In 2014, industrial output is expected to rise 2.8%, which is down 0.2 percentage points from last month's forecast.
Author: Carl Kelly, Economist
