Brazil: Industrial activity deteriorates in November
Industrial output slid 0.1% in month-on-month seasonally adjusted terms in November, which contrasted October’s 0.3% increase. Looking at the details of the release, November’s marginal decline was partly due to slower intermediate goods production growth. In addition, consumer goods production fell. Meanwhile, durable consumer goods production declined at a softer rate, while non-durable consumer goods output rose.
On an annual basis, industrial output rose at a softer pace of 0.9% in November (October: +1.7% yoy). Still, the trend improved significantly, with the annual average variation of industrial production coming in at minus 0.9% in November, up from October’s minus 1.6% reading.