Exchange rate depreciation and investments lift industry growth
Economic contraction affects capital goods sector
In 2015, production costs will remain pressured by higher energy prices.
More recently, the sector has suffered from a lower number of working days due to the World Cup.
We forecast slight increases of 0.5% in annual crude steel production and 0.6% in annual rolled steel production for 2013.
Brazilian mining industry was hit by the slowdown in domestic activity last year.
Delinquency in auto financing increased in 2012, but there are signs of a retreat in 2013.
After weaker sales and reduced launches in 2012, the Brazilian residential property sector expects an improvement in 2013.