Brazil's industrial output tops estimates with 1.7% jump in October

Industrial production also increased 0.3% on monthly basis

By Ovunc Kutlu

ISTANBUL (AA) – Brazil’s industrial production jumped 1.7% on annual basis in October, according to official data released on Friday.

The market estimate was a 1.6% annual gain, following a 0.4% rise in September.

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

The market expectation for the monthly figure was a contraction of 0.1%, after it increased 0.3% in September.

The highest gain in industrial production in October was recorded in food products with a 4.8% increase, followed by a 4.6% rise in metallurgy, according to the IBGE.

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