Itaú BBA - Industrial production drops 9.1% mom/sa in March

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Industrial production drops 9.1% mom/sa in March

mayo 5, 2020

Widespread contraction seen in the first month of social distancing


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

 

 In March, industrial production dropped 9.1% mom/sa, below market estimates (-3.7%) but close to our call (-8.0%).

 Declines were widespread, as 23 out of 26 industrial activities retreated on a seasonally adjusted monthly basis.

 March and April figures will be key to gauge the magnitude of the contraction in economic activity during social distancing, while May, June and 3Q20 data will be essential to analyze the recovery pace if the economy can reopen gradually over May and June.

 

Luka Machado Barbosa
Matheus Felipe Fuck


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



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