LatinNews Daily - 2 August 2023

In brief: Slight monthly rise in Brazil’s industrial production

* Brazil’s national statistics institute (Ibge) has released the latest figures for industrial production, showing a 0.1% increase from May to June, marking the second month of positive production figures after the slump registered in April (-0.6%). However, Ibge noted that the slight boost in production rates in June was not enough to offset the year-on-year drop registered for the first half of 2023. Compared to January-June 2022, industrial production decreased by 0.3% in the first six months of this year. In an Ibge statement, research coordinator André Macedo said that the current rates of industrial production were still 1.4% below levels recorded prior to the coronavirus (Covid-19) pandemic (February 2020). Macedo added that the extractive industries was one of the few industrial categories measured that had recovered to pre-pandemic levels (up 7% from February 2020). Only seven of the 25 categories saw an increase in production in June, with the modest monthly rise mainly driven by extractive industries (+2.9%) and clothing & accessories (+4.9%).

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