Brazil Industrial Production Rebounds Less Than Forecast

(RTTNews) - Brazil's industrial production increased less-than-expected in July, after falling in the previous month, preliminary data from the statistical office IBGE showed on Friday.

Industrial production rose 0.6 percent month-on-month in July, reversing a 0.3 percent decline in June. That was just below the 0.7 percent gain expected by economists.

However, the production sector is still 0.8 percent below the pre-pandemic level in February 2020 and 17.3 percent below the record level reached in May 2011, the agency said.

The rebound in July was primarily driven by a 4.3 percent rise in production of food products.

Mining and quarrying industries registered an output growth of 2.1 percent and that of coke, petroleum products and biofuels grew 2.0 percent.

Meanwhile, machinery and equipment production decreased sharply by 10.4 percent compared to the prior month.

On a yearly basis, industrial production dropped 0.5 percent in July versus an expected fall of 0.3 percent.