Brazil's industrial output contracts 0.3% in January

ISTANBUL

Brazil’s industrial production contracted 0.3% in January on a monthly basis, according to official data released Thursday.

The figure came in line with the market expectation, following a 0.1% decline in December 2022.

While production of pharmaceutical products declined 13% month-on-month, motor vehicles decreased 6%, while food products fell 2.1%.

On an annual basis, industrial production grew 0.3% in January, the country’s Institute of Geography and Statistics (IBGE) said in a statement.

The market expectation for the annual figure was an increase of 1.3%.