Industrial production has grown in Brazil
2022.12.02 09:52
Industrial production has grown in Brazil
Budrigannews.com – IBGE on Friday reported an increase in Brazil’s industrial turnover by 0.3% compared to September and a return to favorable territory after two months of decline, although it remained below the level that existed before the coronavirus.
According to a Reuters survey of economists, the average estimate suggested stability last month. In October, production increased by 1.7 compared to last year, slightly exceeding the market consensus forecast by 1.6. This year, data on industrial production in the largest Latin America were unstable.
At the beginning of 2022, when it showed four consecutive monthly increases, there is a slowdown in the sector. In his report, the head of the IBGE Examination Commission, Andre Macedo, drew attention to the fact that three decreases have occurred over the past five months, and more modern classes have been conducted in this area.
IBGE reports that Brazil is currently at the 2.1 level that existed before February 2020, and in May 2011. – at the 18.4 level, which is the historical maximum of May 2011, which, in his opinion, “is still far from reducing the losses that were observed in the past past.”
The chief emerging market economist at Capital Economic argues that October’s growth, which turned out to be higher than expected, “only partially compensates for the decline in production over the past few months.” “In November, surveys showed that the situation in the industry has significantly worsened. This shows our confidence that growth will slow down in the coming quarters.”
IBGE reports that only 7 out of 26 categories of respondents observed monthly growth, although overall. The most negative consequences were the production of steel, beverages, machinery and equipment.
“According to Andres Abadia, chief economist at Pantheon Macroeconomics Latin America, “”In general, the industrial sector started well in the fourth quarter, after a weak third quarter, but overall the short-term outlook for the sector is deteriorating.””
