Itaú BBA - Disappointing industrial production in November

Macro Brazil

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Disappointing industrial production in November

enero 8, 2019

Our preliminary estimate for December is a hike of 1.2% at the margin

For the version with all charts and tables, please open the attached pdf file
 

In November, industrial production increased 0.1% mom/sa, while falling 0.9% yoy (0.5 p.p. below expectations). 

In our view, recent weakness in industrial production was caused by lagged effects of tightening financial conditions in 3Q18 combined with slowing global growth – particularly in countries that are large buyers of Brazil’s manufactured items.

Our preliminary estimate for December is a hike of 1.2% at the margin. Improving financial conditions since October, employment gains and credit recovery should boost industrial production growth going forward.

Artur Manoel Passos
Alexandre Gomes da Cunha

 

For the version with all charts and tables, please open the attached pdf file



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