2023.05.1013:23:00UTC+00Brazil's Industrial Production Recovers 1.1%

Brazil's industrial production increased for the first time in four months and at a faster-than-expected rate, preliminary data from the statistical office IBGE showed on Wednesday.

Industrial production climbed 1.1 percent monthly in March, reversing a 0.2 percent decline in February. Economists had expected an increase of 0.8 percent.

The domestic industry was 1.3 percent below the pre-pandemic level, recorded in February 2020, and 17.9 percent below the record level for the series, reached in May 2011, the IBGE said.

Among the activities, the most important positive influences came from coke, petroleum products and biofuels, machines and equipment, computer equipment, and electronic and optical products, the agency said.

On a yearly basis, industrial production grew 0.9 percent in March, reversing a 2.4 percent fall in the prior month. The recovery was largely driven by an 11.2 percent expansion in the coke, petroleum products, and biofuels segments.