Brazil July Industrial Production Decline Worse Than Expected

(RTTNews) - Brazil's industrial production dropped sharply in July, exceeding economists' forecasts, and declined for a second consecutive month, preliminary data from the statistical office IBGE showed Wednesday.

Industrial production declined 8.9 percent year-on-year, which was a bigger fall than the 6.2 percent economists had predicted.

Capital goods production plunged 27.8 percent and consumer goods output decreased 10.1 percent. Durable consumer goods production dropped 13.7 percent. Intermediate goods production fell 5.6 percent.

Month-on-month, production tumbled 1.5 percent in July, while economists had forecast just 0.1 percent fall. It was the second consecutive monthly decline.