Wednesday, Brazil's statistical office IBGE announced that the industrial production rose 1.8% month-on-month in February, slower than the 2.1% increase in the previous month. Economists were looking for an increase of 3.6%.

On an annual basis, industrial production dropped 17% in February, after falling 14.5% in January. Economists had predicted a decline of 14.6%.

For the January to February period, industrial production decreased 17.2% compared to the same period of the previous year.

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