Brazil June Industrial Production Declines

Brazil’s industrial output in June had its largest drop since September last year, falling 1.7% against the previous month, and 0.7% compared with the same month in 2005. The month’s decline took industrial production for the first half of the year to 2.6%, down from first-quarter expansion of 4.6%. Amongst several factors blamed for the loss in production was the soccer World Cup – which took place in working hours, the fall in exports, and one less working day compared with June 2005.