After a meteoric recovery in Q3, Brazil’s industrial production grew by only 0.4 percent in January in comparison to the previous month. Though it was the ninth consecutive month of growth, it was the smallest increase since April of last year, suggesting the recovery was already slowing down before the latest Covid-19 crisis.
The timid growth rate was not enough to offset losses incurred in 2020. Over the last 12 months, industrial production fell 4.3 percent and 4.5 percent during 2020, the second underwhelming year in a row.
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