4 de noviembre de 2014 / 11:44 / en 3 años

UPDATE 1-Brazilian industry falls back into decline in September

(Adds details from IBGE, context)
    RIO DE JANEIRO, Nov 4 (Reuters) - Brazilian industrial
output fell unexpectedly in September, marking a return to
decline for the country's long-suffering manufacturers after two
slightly positive months. 
    Output at factories and mines fell a seasonally
adjusted 0.2 percent in September from August, statistics agency
IBGE said on Tuesday, defying expectations for a 0.2 percent
gain in a Reuters survey of 28 analysts. The decline was the
fifth in seven months.
    The numbers are likely to quell any remaining optimism that
Brazilian industry is finally turning around after a 0.7 percent
advance in July and 0.6 percent rise in August. 
    Brazilian industry has contracted 2.9 percent in the year
through September, IBGE said.
    Years of mediocre performance among local manufacturers have
been difficult for the government to halt despite waves of
stimulus measures and tax breaks. Most economists blame
hard-to-fix structural problems, such as tougher competition
from abroad, poor infrastructure at home, and high tax and labor
    September industrial production was down 2.1 percent from a
year earlier, worse than the 1.5 percent decline
forecast in the Reuters poll.
    Brazil's economy entered a recession in the first half of
the year, primarily due to a contraction in the manufacturing
    Industrial output is expected to drop 2.17 percent in 2014
according to a central bank poll of economists released Monday.
If industry continues to struggle it will weigh more heavily on
employment, currently one of the brightest aspects of Brazil's
economy, many analysts say.
    Capital goods production rose 1.9 percent in September from
August, while intermediate goods such as textiles and chemicals
dropped 1.6 percent. Durable consumer goods such as furniture
and home appliances rose 8 percent.
    Purchasing managers' index data released on Monday showed
Brazil's manufacturing activity continued to weaken in October
as inventories remained high. 

    (For details on the IBGE industrial output figures see - in
Portuguese: here)
 (pct change)                      Sept/Aug    Sept'14/Sept'13
 Capital goods                     1.9         -7.9
 Intermediate goods                -1.6        -1.7
 Consumer goods                    1.0         -0.5
     Durable consumer goods        8.0         -7.3
     Semi-durable and non-durable  0.8         1.6
 consumer goods                                
 Industrial output                 -0.2        -2.1

 (Reporting by Rodrigo Viga Gaier and Felipe Pontes; Writing by
Asher Levine)

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