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Brazilian industry stuck ten years in the past
The Brazilian Institute of Geography and Statistics (IBGE) published the latest figures of Brazil’s industry, and the numbers are not inspiring: the sector grew by only 0.7% between January and February (seasonally adjusted), below the already low 1% expectation. Today, Brazil’s industrial output is on par with 2009 levels and nowhere near the bonanza of 2010-2014.
A few factors contributed to the poor results in past months. The Argentinian crisis has lowered the demand for Brazilian manufactured goods—especially cars. Unpredictable events such as the May 2018 truckers’ strike and the January 25 Brumadinho dam collapse also played a role. The latter had a huge