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Brazil to Escape Recession

Brazil to Escape RecessionBrazil to Escape Recession

Industrial output in Brazil rose for a second straight month in May, government data showed on Tuesday, underpinning hopes that the economy will not fall back into recession despite an escalating political crisis, Reuters reported. Industrial production rose 0.8% in May from April after seasonal adjustments, statistics agency IBGE said. The median estimate in a Reuters poll projected an increase of 0.6%, following a rise of 1.1% in April. Production in May grew 4% from a year earlier, the fastest increase since February 2014. Output grew on a monthly comparison in 17 of the 24 sectors covered by IBGE. Automobile production jumped 9%, supported by strong exports that also helped Brazil’s trade balance record their two largest monthly surpluses on record in May and June.

 

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