Brazil Industry Kicks Off Third Quarter With Big Output Decline
- Production falls 0.6% on month and 1.1% on year in July
- Automobiles, extractive industries caused monthly drop
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Brazil’s industrial production fell more than expected in July as steep borrowing costs cause uneven growth in Latin America’s biggest economy.
Production declined 0.6% from the month prior, more than the -0.3% median estimate from analysts surveyed by Bloomberg. From a year ago, industry decreased 1.1%, the national statistics agency reported Tuesday.