Itaú BBA - Industrial production climbs 0.2% in December and 1.1% in 2018

Macro Brazil

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Industrial production climbs 0.2% in December and 1.1% in 2018

febrero 1, 2019

The data breakdown indicates that the underlying growth is worse than the headline.

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

• In December, industrial production increased 0.2% mom/sa, beating the median of market expectations and our estimate (-0.1% and -0.4%, respectively).

• The data breakdown indicates that the underlying growth is worse than the headline. Only 10 out of 24 surveyed segments posted expansion during the month. Production of capital goods, construction material and durable consumer goods declined in December.

• Our preliminary forecast for January is a hike of 0.3% at the margin. Improving financial conditions since October, employment gains and the rebound in new loans 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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