September 2, 2016 / 12:52 PM / 2 years ago

UPDATE 1-Brazil's industry edges up in July, beats expectations

(Adds table, details)
    BRASILIA, Sept 2 (Reuters) - Brazil's industrial output
remained nearly steady in July, official data showed on Friday,
beating expectations for a small drop as a timid recovery from
recession starts to take root.
    Industrial production rose 0.1 percent in July from June
 after seasonal adjustments, the fifth increase in a
row, government statistics agency IBGE said. The median estimate
in a Reuters poll projected a decline of 0.2 percent.
    Production in July retreated 6.6 percent from a year earlier
, IBGE said.
    A rebound in food processing after two consecutive months of
slowing activity helped Brazil's industrial output stay positive
in July. Production of capital goods retreated though, losing
part of the gains from the first half of the year when companies
started to boost spending in machinery and equipment to prepare
for an imminent economic recovery. 
    Brazilian manufacturers have slashed nearly one-fifth of
their production since 2013 as the nation fell into a deep
recession. Industrial output returned to growth in the second
quarter, gross domestic product data showed this week, but firms
still grapple with high interest rates and inflation.
    Eleven of the 24 industrial sectors surveyed reported growth
in July from June, including extractive industries, electronics
and metalworking. Automobile production fell.
    So far this year, industrial output has shrank 8.7 percent
when compared to the same period in 2015.
 (Percent change)                              m-m    y-y
 Capital goods                                -2.7  -11.9
 Intermediate goods                            1.6   -5.0
 Consumer goods                               -1.0   -8.3
     Durable consumer goods                    3.3  -16.2
     Semi-durable and non-durable consumer    -1.9   -6.3
 Industrial output                             0.1   -6.6
 (Reporting by Silvio Cascione; Editing by Chizu Nomiyama)
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