Brazil’s Industrial Production Shrinks 4.5% in 2020

Despite the sequence of recent monthly gains, industry (as a whole) closed 2020 with a 4.5% drop in production, the highest in four years due to the impact of the coronavirus pandemic.

RIO DE JANEIRO, BRAZIL - 2020 was the second consecutive year of losses after recording a 1.1% downturn in 2019, as a result of the measures to contain the virus. Moreover, it was the sharpest annual downturn since 2016, when industrial production fell 6.4%, according to data released today, February 2nd, by the Brazilian Institute of Geography and Statistics (IBGE).

In December, industrial production was up 0.9% over November and accumulated gains of 41.8% in eight months, which offsets the 27.1% loss recorded between March and April, the peak of social isolation to contain the coronavirus . . .

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