Brazil's industrial output drops in May, persisting in descending drift
(MENAFN) Official data released on Wednesday by Brazil's Institute of Geography and Statistics (IBGE) revealed that industrial production in Brazil decreased by 0.9 percent in May compared to the previous month. This marks the second consecutive month of decline, with April's figure revised downward to a decrease of 0.8 percent from an initial estimate of 0.5 percent.
The decline in May's industrial production was widespread, affecting four major economic categories and 16 out of 25 industrial sectors surveyed, according to IBGE. On a year-on-year basis, industrial output in May was also down by 1 percent compared to the same month in 2023, reflecting broader economic challenges and sector-specific slowdowns.
Despite the recent monthly declines, the industrial sector in Brazil had shown resilience earlier in the year, with a notable 8.4 percent year-on-year increase in April. However, the cumulative growth for the first four months of 2024 stood at 2.5 percent, indicating a more tempered pace compared to earlier gains.
The data underscores ongoing fluctuations in Brazil's industrial sector, influenced by both domestic economic conditions and external factors affecting global trade and demand. The IBGE report provides insights into the sector's performance, highlighting areas of contraction and potential implications for broader economic indicators moving forward.
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