Brazil December Industrial Output Drops Below Every Estimate
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Brazil’s industrial production in December fell by the most in five years, surprising analysts, as the central bank continues to boost interest rates in the world’s second-biggest emerging market. Swap rates fell.
Industrial output dropped 3.5 percent from the previous month after declining a revised 0.3 percent in November, the national statistics agency said today in Rio de Janeiro. That was the biggest fall since December 2008, and steeper than predicted by all 37 economists surveyed by Bloomberg, whose median estimate was for a 1.7 percent decline.