Industrial output in Latin America's largest economy is
now 2.6% below pre-pandemic levels of February 2020, according
to the statistics agency, and 19% below its May 2011 all-time
high.
(Reporting by Gabriel Araujo; Editing by Steven Grattan)
(Adds details, context)
SAO PAULO, April 19 (Reuters) - Industrial production in
Brazil fell for the third consecutive month in February,
government statistics agency IBGE said on Wednesday, with the
sector still below pre-pandemic levels as it struggles to gather
steam.
Output dropped 0.2% in February from January ,
below the median estimate of a 0.1% decline in a Reuters poll of
economists.
Production in February also retreated 2.4% from a year
earlier , IBGE added, missing market forecasts of a
1.9% fall.
"Industrial production had some improvement at the end
of last year, but the start of 2023 shows a drop in output,
which remains far from recovering losses from the recent past,"
IBGE's research manager Andre Macedo said in a statement.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.