ZCZC
BCN-04
BRAZIL-ECONOMY-INDUSTRY
Brazil industrial output slides for 3rd month straight
RIO DE JANEIRO, Nov 2, 2018 (BSS/AFP) – Brazil’s industrial output fell
1.8 percent in September, its third straight drop, according to government
data released on Thursday, as far-right president-elect Jair Bolsonaro’s team
began laying out its strategy to reboot the economy.
The contraction — compared with the previous month — was bigger than the
1.1 percent expected by analysts.
Year-on-year, industrial output was down two percent, said the Brazilian
Institute of Geography and Statistics.
Sixteen of the 26 sectors included in the index registered drops in
production.
Brazil’s economy, the world’s eighth-largest, has been hit by
international trade tensions and uncertainty around the elections won Sunday
by Bolsonaro.
The market favorite, Bolsonaro has promised to turn the economy around
with budget cuts and reforms.
He has named his top economic advisor, liberal economist Paulo Guedes, to
head an economy “super ministry” combining finance, planning, industry and
trade.
Guedes vowed immediately after the election to cut spending, privatize
state enterprises and whip the government’s books into shape.
BSS/AFP/HR/0925