Weekly Report - 11 October 2005

BRAZIL | Growth momentum wavers. Industrial production in Brazil fell by 2.5% between June and July after four consecutive months of growth. It then picked up slightly, by 1.1% in August. This left the level of this year's output so far running 4.3% higher than in the same period of 2004, but appears to be in line with the forecasts by some industrialists that a slow-down was beginning [WR-05-39]. Officials have been arguing that the small up-turn in August show that what happened in July was 'no more than an adjustment'.