Itaú BBA - Industrial production grows in April, despite decline in mining output

Macro Brazil

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Industrial production grows in April, despite decline in mining output

junio 4, 2019

Manufacturing is on a moderate recovery trend year-to-date.

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

 In April, industrial production expanded 0.3% mom/sa, below the median of market expectations (+0.7%) and close to our estimate (-0.2%). 

 Manufacturing advanced 1.2% mom/sa, while mining/extraction plummeted 9.7%, possibly reflecting lower iron ore production following the dam collapse in Brumadinho.

 Manufacturing is on a moderate recovery trend year-to-date, but we see signs that the expansion was interrupted in May. Our preliminary estimate for industrial production in May is a decline of 2.0% mom/sa, with manufacturing receding 2.6% and mining/extraction climbing 3.9%.
 

Luka Barbosa
Matheus Felipe Fuck

 

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



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