Itaú BBA - Falling oil production is behind the decline in industrial production in August

Macro Brazil

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Falling oil production is behind the decline in industrial production in August

octubre 2, 2018

A lower than expected result


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

Industrial production dropped 0.3% mom/sa in August, disappointing the median of market expectations and our estimate (+0.2% in both cases) and stagnated at pre-stoppage levels.

The decline in oil production and its impact on the economic chain largely explain the slide. Additionally, production in segments not related to the oil & gas chain also retreated during the month (textiles, food, beverages, information technology equipment).

Our preliminary estimate for industrial production in September is a drop of 1.0% mom/sa.


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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