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Brazil’s industrial output barely grows in Nov

Brazil’s industrial output barely grows in Nov

BRASILIA: Industrial output in Brazil rose far less than expected in November as a drop in fuel production offset a recovery in car factories, government data showed on Thursday. Production rose 0.2 percent in November from October , below market consensus for an increase of 2.0 percent, government statistics agency IBGE said.  Production in November retreated 1.1 percent from a year earlier, undershooting expectations in a Reuters poll for a 0.45 percent rise.

Brazil’s industrial output is down to 2008 levels after contracting for three straight years due to high interest rates, inflation and a slowdown in consumer demand. The weaker-than-expected November result adds to signs that the industrial recovery forecast for this year will be very mild. Economists in a central bank poll are penciling in 0.9 percent industrial growth in 2017, after a drop of more than 6 percent in 2016.