Brazil's industrial production rises 0.3% in May, below market estimates

By Ovunc Kutlu

ANKARA (AA) - Brazil's industrial production rose 0.3% in May, from the previous month, according to data released by the country's Institute of Geography and Statistics (IBGE) on Tuesday.

The market estimate was a 0.7% monthly gain. Industrial production in April saw a 0.1% rise from the month before.

On an annual basis, industrial production grew 0.5% in May.

While the monthly 0.3% gain in May this year marked the fourth consecutive month of expansion, it did not eliminate the 1.9% decline recorded in January, IBGE said in a statement.

The highest gain in industrial production in May was recorded by machines and equipment with a 7.5% increase, followed by automotive vehicles, trailers and bodies with a 3.7% rise, it added.