Brazil’s industrial output falls for the second straight month in March
Brazil’s Industrial Production Index (IPI) dropped by 2.4% m/m in March, seasonally adjusted, amid stricter social distancing measures to deal with the second COVID-19 wave.
Notably, the production of vehicles fell by 8.4% m/m, bringing down the overall index, as many factories paralysed in the month. On a yearly basis, however, the IPI grew by 10.5% y/y, reflecting a low base effect, as the first COVID-19 wave started in March 2020 in the country.
Further data and analysis on Brazil’s economy is available on the CEIC Brazil Economy in a Snapshot – Q1 2021 report.