LatinNews Daily - 11 May 2023

In brief: Rise in Brazil’s industrial production in March

* Brazil’s national statistics institute (Ibge) has released the latest figures on industrial production, which showed an increase of 1.1% in March, in contrast to the drop of 0.2% registered in February. Ibge research coordinator André Macedo stated that the positive result for March comes after two consecutive months of drops in production, but is still a “long way from recovering the losses of the recent past.” Explaining the factors which had contributed to the overall weak performance for industrial production in Q1 2023, Macedo pointed to high interest rates, among other factors, as the central bank (BCB) has recently decided to maintain the benchmark interest rate at 13.75% for a sixth consecutive month, which Brazil’s government led by President Luiz Inácio Lula da Silva has repeatedly called for the bank to lower to stimulate economic activity.

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