Brazil's industrial production increased at a significantly slower pace in the month o May, and came in below economists' forecast, latest data showed Tuesday.
Industrial production increased 1.4 percent on an annual basis in May, statistical office IBGE said. This was sharply slower than the 8.4 percent rise recorded a month earlier. Production was forecast to grow 1.9 percent.
Compared to April 2013, industrial production decreased a seasonally adjusted 2 percent in May, which was faster than the 1.1 percent fall economists had forecast. May's outcome partially offset April's 2.6 percent expansion.
During the five months ended May, industrial production advanced 1.7 percent from the corresponding period a year earlier, data showed.
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