Brazil December Industrial Output Falls More Than Forecast

(RTTNews) - Brazil's industrial production decreased more-than-expected in December, after growing for three months in a row, latest data revealed Tuesday.

Overall industrial production decreased 2.3 percent in December from the corresponding month of 2012, statistical office IBGE said. This followed a 0.3 percent increase in November, which was revised down from 0.4 percent. Economists had forecast a modest decline of 0.1 percent for December.

December' renewed contraction mainly reflected a 2 percent decrease in the output of intermediate goods, and a 3.5 percent fall in durable consumer goods production.

Output of non-durable consumer goods was lower by 3.1 percent than in December 2012. These declines were partially offset by a 1.8 percent growth in capital goods production.

On a monthly basis, industrial output fell 3.5 percent in December, after falling 0.6 percent in the prior month. Expectations were for 1.7 percent contraction.