Brazil's industrial production contracts 1.4% in July

By Ovunc Kutlu

ISTANBUL (AA) - Brazil’s industrial production contracted 1.4% in July, compared to the previous month, according to official data released Wednesday.

The market expectation for the figure was to show a 0.9% decrease.

The June figure, meanwhile, was revised to an increase of 4.3% from a gain of 4.1%.

The result came as two of the four major economic categories and seven of the 25 industrial sectors surveyed showed decline in production, the Institute of Geography and Statistics (IBGE) said in a statement.

On an annual basis, however, industrial output was up 6.1% in July, compared to the same month in 2023, IBGE said in the statement.

That figure came in lower than market expectations of a 6.3% increase.

The annual figure for June was unrevised at a gain of 3.2%.

The industrial sector grew 3.2% in the first seven months of 2024, said IBGE.