Macro Brazil
< VolverFor the version with all charts and tables, please open the attached pdf file
• Industrial production tanked 10.9% mom/sa in May but was better than the median of market expectations (-13.2%) and our estimate (-15.1%). Compared to May 2017, the indicator was down by 6.7%.
• The sharp decline was caused by the trucker’ stoppages, which affected supply and production chains in the final two weeks of the month.
• Our preliminary estimate for industrial production in June is an advance of 10.9% mom/sa, as the shock gave way to normalization.
Artur Manoel Passos
Alexandre Gomes da Cunha
For the version with all charts and tables, please open the attached pdf file