Industrial Production: Investment Scenario Worsens

BRAZIL ECONOMICS - Report 02 Jul 2013 by Marcelo Gazzano, Cristina Pinotti and Affonso Pastore
In May industrial output fell by 2.0%, more than removing the 1.8% growth the previous month and continuing the recent pattern of huge volatility in the monthly growth rates, as can be seen in Graph 1. This volatility is less pronounced in the three-month moving average, calculated on the seasonally adjusted monthly series, with variations of 0.4%, 0.1% and 0.2% in the previous three months. This weak industrial growth is not a recent phenomenon: since the start of 2010 there have been no more than four consecutive increases in this measure. Graph 1 Industrial Production – monthly variation...

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