Brazil's industrial production rises 1.1% in December 2023

By Ovunc Kutlu

ISTANBUL (AA) - Brazil’s industrial production rose 1.1% last December from the previous month, expanding for the fifth consecutive month, according to official data released Friday.

The figure was expected to show a 0.3% increase after rising 0.7% in November.

Compared to November, three of the four major economic categories and 14 of the 25 industrial activities showed growth in production, the Institute of Geography and Statistics said in a statement.

The expansion was led by manufacturing of clothing and accessories with a surge of 14.5%, and food products with a leap of 9.1%, according to the institute.

On an annual basis, industrial output expanded 1% in December 2023, compared to the same month in 2022, also coming in much higher than estimates.

The market expectation for the annual figure was to show an increase of 0.1% after it rose 1.3% in November year-on-year.