July 4, 2017 / 1:01 PM / 9 months ago

UPDATE 1-Brazil's industrial output rises for 2nd straight month in May

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    BRASILIA, July 4 (Reuters) - Industrial output in Brazil
rose for a second straight month in May, government data showed
on Tuesday, underpinning hopes that the economy will not fall
back into recession despite an escalating political crisis.
    Industrial production rose 0.8 percent in May from April
after seasonal adjustments, statistics agency IBGE said. The
median estimate in a Reuters poll projected an increase of 0.6
percent, following a rise of 1.1 percent in April.
    Production in May grew 4.0 percent from a year earlier, the
fastest increase since February 2014.
    Output grew on a monthly comparison in 17 of the 24 sectors
covered by IBGE. Automobile production jumped 9.0 percent,
supported by strong exports that also helped Brazil's trade
balance record their two largest monthly surpluses on record in
May and June.
    Brazil's economy is expected to grow 0.4 percent in 2017
after two years of deep recession, according to a weekly central
bank poll of economists. Analysts and policymakers have cut
their estimates for this year's growth after a graft scandal
threatened to topple President Michel Temer's year-long
    Industrial output, despite its recent improvement, remains
18.5 percent below its June 2013 peak, IBGE said.
    "This increase needs to be put into context," IBGE economist
André Macedo said. "There is a lot to be done for industry to
recover the losses of its recent past."   
 (Percent change)                               m-m     y-y
 Capital goods                                  3.5     7.6
 Intermediate goods                             0.3     2.9
 Consumer goods                                 1.3     5.0
     Durable consumer goods                     6.7    20.7
     Semi-durable and non-durable consumer      0.7     1.4
 Industrial output                              0.8     4.0
 (Reporting by Silvio Cascione; Editing by Chris Reese)
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