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  HOME | Brazil (Click here for more)

Brazilís Industrial Production Plunges amid Truckersí Strike

RIO DE JANEIRO Ė Brazilís industrial production plunged 10.9 percent in May, compared to April, marking the biggest drop in the economic indicator since December 2008, when it fell 11.2 percent in the wake of the global financial crisis, the Brazilian Institute of Geography and Statistics (IBGE) said Wednesday.

The main factor behind the drop was a truckersí strike in late May that paralyzed Brazil for 11 days, causing shortages of fuel, food and supplies, and affecting industries across the country, the IBGE said.

Industrial production in May was 6.6 percent lower than in May 2017, the biggest drop on an annual basis since October 2016, when a 7.3 percent drop snapped a 12-month streak of increases.

Nevertheless, Brazilís industrial production grew 2 percent in the first five months of this year and increased 3 percent in the 12-month period ending in May.

Brazilís economy is recovering from the recession that plagued it for the past few years.

The South American countryís economy expanded at a 3 percent clip in 2013 and an anemic 0.50 percent in 2014 before plunging into recession.

Brazilís economy contracted 3.5 percent in 2015, the worst performance in 25 years, and another 3.5 percent in 2016, marking the first time since 1931 that the gross domestic product (GDP) fell for two consecutive years.

The economy grew a modest 1 percent in 2017, ending the severe two-year recession.

Economists expect the growth trend to continue, with GDP expanding 2.89 percent this year and 3 percent in 2019.

GDP grew at the highest rate in four years in 2017.

 

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