Brazil’s Industrial Output Inches Up Ahead of Interest Rate Cut
- Industry production rises 0.1% on month, 0.3% on year in June
- Extractive industries, clothing drove the monthly gain
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Brazil’s industrial production inched up in June on a boost from extractive activities, outperforming analyst estimates despite the drag of double-digit borrowing costs on the economy.
Production gained 0.1% from the month prior, compared to the -0.1% median estimate from economists surveyed by Bloomberg. From a year ago, industry increased 0.3%, the national statistics institute reported Tuesday.