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2022.12.0212:08:00UTC+00Brazil Industrial Production Rises Unexpectedly

Brazil's industrial production expanded unexpectedly in October, after falling in the previous two months, preliminary data from the statistical office IBGE showed on Friday.

Industrial production rose a seasonally adjusted 0.3 percent month-on-month in October, reversing a 0.7 percent fall in September. Economists had forecast a flat change for the month.

However, the industrial sector is still 2.1 percent below the pre-pandemic level in February 2020 and 18.4 percent below the record level reached in May 2011, the agency said.

Among major economic categories, production of intermediate goods advanced 0.7 percent, and that of consumer goods gained 0.3 percent. Meanwhile, capital goods output registered a notable fall of 4.1 percent.

On an annual basis, industrial production advanced 1.7 percent in October, faster than the 0.4 percent rise in the prior month. That was just above the expected increase of 1.6 percent.

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