Brazil industrial output falls in March for second month, but less than expected
- The 2.4% fall in industrial output in March was less than the median estimate in a Reuters poll of economists for a 3.5% decline, although February's figure was revised lower to a 1.0% fall.
- Fifteen of the 26 sectors surveyed saw a decline in production on the month, including a 14.1% fall in clothing output, IBGE said.
BRASILIA: Industrial production in Brazil fell in March for a second consecutive month although not as steeply as economists had expected, figures showed on Wednesday, meaning output in the first quarter grew solidly on the same period last year.
The 2.4% fall in industrial output in March was less than the median estimate in a Reuters poll of economists for a 3.5% decline, although February's figure was revised lower to a 1.0% fall.
Statistics agency IBGE said the main drivers of March's fall was an 8.4% slump in auto and auto parts production in the month, the third consecutive decline. Output in this sector fell 15.8% in the first quarter of the year, IBGE said.
Fifteen of the 26 sectors surveyed saw a decline in production on the month, including a 14.1% fall in clothing output, IBGE said.
Three of the four major categories saw output fall in March, led by an 11% slump in consumer goods and a 7.8% fall in durable goods production, IBGE said.
Compared to March last year, however, overall production jumped 10.5%, the biggest year-on-year rise since June 2010, IBGE said. Production in the January-March period was up 4.4% from a year earlier.
Brazil's industrial sector at the end of the first quarter was still 16.5% smaller than its peak in May 2011, IBGE said.
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