January 9, 2020 / 1:08 PM / 10 days ago

UPDATE 1-Brazil's November industrial output falls steeper than forecast 1.2%

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By Camila Moreira

SAO PAULO, Jan 9 (Reuters) - Brazilian industrial production slumped in November after rising for three consecutive months, marking the weakest performance for the month in four years, the government statistics agency IBGE said on Thursday.

Factory output dropped 1.2% from October, double the 0.6% decline forecast in a median estimate compiled by Reuters.

“The fall in November erased a significant part of the growth reported in previous months,” IBGE’s research manager André Macedo told in a statement, referring to a 2.2% rise in Brazil’s industrial output from August to October.

The 1.2% drop in November is the worst since March, when industrial production fell 1.4%, according to IBGE.

In comparison with November 2018, it retreated 1.7 percent, more than twice the 0.8% drop forecast by the median estimate in a Reuters poll.

From January to November, Brazilian industry has shrunk 1.1% compared with the same period of 2018.

Durable consumer goods, especially cars, were the main contributors to the decline.

“It is common to see a reduction in auto production later in the year due to scheduled time-off,” said Macedo. (Reporting by Camila Moreira; Writing by Gabriela Mello; Editing by Christian Plumb)

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