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Brazil Factory Output Remains Steady
Brazil Factory Output Remains Steady

Brazil Factory Output Remains Steady

Brazil Factory Output Remains Steady

Brazil’s industrial output remained steady in June, data showed, beating expectations for a small drop while underscoring that a tentative economic recovery remains fragile, Reuters reported. Industrial production was expected to drop 0.4% from May after seasonal adjustments, according to a Reuters poll. It was the third consecutive month in which manufacturers and miners outperformed market expectations. Production in June grew 0.5% from a year earlier, slowing from an increase of 4.1% in May. Output grew sequentially in 12 of the 24 sectors covered by IBGE. Automobile production fell 3.9%, paring back part of the strong performance at the start of the year. Food processing rose 4.5%, IBGE said. Brazil’s economy is expected to grow just 0.3% in 2017 after two years of deep recession, according to a weekly central bank poll of economists on Monday. Industrial output, which has fallen back to 2009 levels, is forecast to grow 0.8% in 2017.

 

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