The FINANCIAL — Brazil’s industrial production plummeted in July and fell well below economists’ expectations, in the latest sign that Latin America’s largest economy is entering a tailspin, according to Nasdaq.
Industrial output fell 1.5% from June in seasonally adjusted terms and was down 8.9% from July 2014, the Brazilian Institute of Geography and Statistics, or IBGE, said on September 2.
The median forecast in a survey of economists by the local Agência Estado newswire had called for a 0.1% contraction in July from June. The worst estimate foresaw a drop of just 0.6%.
The IBGE also revised June’s drop in industrial production to 0.9% from 0.3% from the previous month.