UPDATE 1-Brazil's industrial output rises 0.4 percent in January
(Adds table, background) SAO PAULO, March 4 (Reuters) - Industrial production in Brazil rose 0.4 percent in January from December, ending seven straight months of declines that contributed to an 8.3 percent plunge in activity over 2015, government statistics agency IBGE said on Friday. The median estimate in a Reuters poll projected a decline of 0.5 percent. Production in January, however, retreated 13.8 percent from a year earlier. Manufacturers and miners cut nearly one-fifth of their production since a 2013 peak after Brazil fell into a deep recession. Economists in a weekly central bank poll expect industrial output to drop 4 percent this year. Latin America's largest economy nosedived after a ballooning budget deficit prompted President Dilma Rousseff and the central bank to raise taxes, cut spending and raise interest rates last year. The economy has also suffered because of a massive corruption scandal at state-run oil company Petroleo Brasileiro SA, or Petrobras. Executives from top construction and engineering companies are under investigation or in jail. Petrobras, one of Brazil's largest companies, is also struggling with a drop in global oil prices. (Percent change) m-m yr-yr Capital goods 1.3 -35.9 Intermediate goods 0.8 -11.9 Consumer goods -0.9 -11.9 Durable consumer goods -2.4 -28.2 Semi- and non-durable consumer goods 0.3 -7.2 Industrial output 0.4 -13.8 (Reporting by Reese Ewing; Editing by Lisa Von Ahn)
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