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.