Brazil's industrial output drops 2% y-o-y in August: IBGE
BRAZILIA (Scrap Monster): Brazil’s industrial output dropped by 2% year-on-year in August this year, as per latest data released by Brazil's national statistics agency, the Instituto Brasileiro de Geografia e Estatistica (IBGE).
According to IBGE data, country’s industrial output advanced slightly by 1.5% month-on-month in August this year was mainly driven by the 3.3% output rise in automotive vehicles.
The country's basic metal production fell by 5.5% year-on-year in August this year while its output in the motor vehicle sector fell by 11.2%.
In the production index in Brazil for the first eight months of 2012, the decline was 3.4% for the overall industry on year-on-year basis.
The index of production for motor vehicles was down 16.3%, continuing to exert a major negative influence on the formation of the overall index.
The IBGE also mentioned the negative contribution of basic metals, which were down 4.65 year-on-year, in the total producton index for the first eight months of the year.
Copyright © ScrapMonster 2009-2013. All rights reserved