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01/08/2017 - 11:26hs

Brazilian industry had 0.5% expansion

Industrial production in Brazil grew in the first six months of the year. It was the best result for this period since 2013.

Rio de Janeiro - Industrial production in Brazil was up 0.5% in the first half of the year, the best result for the period since production climbed by 3% in H1 2013. The numbers are from the monthly survey of industrial output (Pesquisa Industrial Mensal Produção Física Brasil - PIM-PF) released this Tuesday (1) by the Brazilian Institute of Geography and Statistics (IBGE).

Despite the expansion seen in H1, Brazilian industry saw zero growth in June from May, after growing by a combined 2.5% over a two-month period.

However, the IBGE’s numbers are not reflected in other indicators. In Brasília, the National Confederation of Industry (CNI) issued its Industrial Indicators survey showing a 5.9% drop in revenue year-on-year in H1.

Hours worked were down 3.3%, employment was down 3.9% and total wages paid were down 3.5%. Real average income for workers was up 0.5% on the back of easing inflation.

“Although the long spell of weak activity and labor market deterioration is behind us, industrial indicators are yet to show recovery,” the CNI said.

*Translated by Gabriel Pomerancblum

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