Bloomberg — Brazil’s industry rose more than forecast, boosted by the receding of the omicron wave of coronavirus that had caused a surge in infections and kept workers at home.
Output rose 0.7% in February from the month prior, more than the 0.5% median estimate from analysts in a Bloomberg survey. From a year ago, production was down 4.3%, the national statistics agency reported on Friday.
Brazil’s industry has been buffeted by shortages of foreign inputs and the lingering effects of Covid-19. Inflation, running at nearly 11%, and tight credit conditions are also sapping demand. Now, Russia’s invasion of Ukraine and the prospect of even higher borrowing costs are dragging further on growth.