8 de enero de 2015 / 12:23 / en 3 años

UPDATE 1-Brazil's industrial output drops unexpectedly in November

(Adds details from IBGE report, context)
    RIO DE JANEIRO, Jan 8 (Reuters) - Brazilian industrial
output took an unexpected step backward in November as
production of durable goods declined sharply, further damping
hopes of a recovery in the long-beleaguered sector.
    Output at factories and mines fell 0.7 percent in
November from October, statistics agency IBGE said on Thursday,
defying forecasts for a 0.5 percent gain in a Reuters survey of
20 analysts.
    Production fell in 11 of 24 industrial segments, with food
products down 3.4 percent and electric equipment sinking 2.8
    Durable goods retreated 2.1 percent from October and 11
percent from November 2013.
    The annual decline was mostly due to a sharp fall in
automobile and home appliance production. Both sectors had
benefited from government tax breaks in recent years, although
heavier household debt loads, dwindling consumer confidence and
higher interest rates have sapped demand for big-ticket items.
    Brazilian industry contracted 3.2 percent in the first 11
months of 2014, IBGE said. 
    Most economists say the steady decline of Brazilian industry
over the past three years is not about to reverse course in the
short-term, as the government winds down stimulus programs and
businesses work to sell off inventories in a weak domestic
    Hard-to-fix structural problems, such as tougher competition
from abroad, poor infrastructure at home, and high tax and labor
costs, are widely cited as the principal obstacles to local
    November industrial production was down 5.8 percent from a
year earlier, worse than the 4.0 percent decline
forecast in the Reuters poll.
    Analysts expect industrial output to show a drop of 2.49
percent in 2014 and to grow just 1.04 percent in 2015, according
to the median forecasts of a weekly central bank poll released
    Still, a survey of purchasing managers hinted at a slight
pickup in manufacturing activity in December. The
HSBC Purchasing Managers' Index rose to a seasonally adjusted
50.2 from 48.7 in November.
    Capital goods production, which often tracks business
confidence in future economic growth, fell 0.2 percent in
November from October, while consumer goods output sank 0.9
    For details on the IBGE industrial output figures in
Portuguese, click bit.ly/1xIswrK  
 (Percent change)                  Nov/Oct    Nov'14/Nov'13
 Capital goods                     -0.2       -9.7
 Intermediate goods                0.0        -5.8
 Consumer goods                    -0.9       -5.0
     Durable consumer goods        -2.1       -11.0
     Semi-durable and non-durable  -1.3       -3.1
 consumer goods                               
 Industrial output                 -0.7       -5.8
 (Reporting by Pedro Fonseca and Walter Brandimarte; Writing by
Asher Levine; Editing by Alison Williams and Lisa Von Ahn)

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