Brazil Industrial Production Falls As Expected

(RTTNews) - Brazil's industrial production declined as expected in August after rebounding in the previous month, preliminary data from the statistical office IBGE showed on Wednesday.

Industrial production fell a seasonally adjusted 0.6 percent month-on-month in August, reversing a 0.6 percent rise in July. That was in line with economists' expectations.

The industrial sector is still 1.5 percent below the pre-pandemic level in February 2020 and 17.9 percent below the record level reached in May 2011, the agency said.

Among major economic categories, production of intermediate goods decreased 1.4 percent, and that of consumer goods dropped 1.2 percent. Meanwhile, capital goods output gained 5.2 percent.

On an annual basis, industrial production advanced 2.8 percent in August, in contrast to a 0.4 percent fall in July. The expected increase was 2.3 percent.