Production of machines increases for 14 consecutive time
Folha de S. Paulo
Altogether, the industry stopped growing from April to May, but the detailing of the data shows some growth in the production of capital goods, a sign of the growth of the investments in the economy. The category that aggregates the production of machinery and equipment grew 1.2% in the comparison free of seasonal influences - the 14th consecutive growth rate. Regarding the total of the industry - affected by the slowdown in the production of consumer goods -, it showed stability from April to May. On the other hand, it registers growth of 14.8% compared to May 2008 - under the influence of the weak basis for comparison of the five beginning months of 2009. From January to May, the industry accumulates growth of 17.3% - the highest for the period since the beginning of the survey made by the IBGE (Brazilian Institute of Geography and Statistics), in 1991.
Having surpassed the crisis, the industry resumed its investments in the "increase of the productive capacity", says André Macedo, Economist of the Institute. With the opening of new units, enlargements and modernizations, the installed capacity grows and the risk of inflationary pressure drops. With an eye on the data of the industry, the Central Bank calibrates its monetary policy and it might even choose, in view of the resumption of the investments, for a slower increase of the interest rates. "The Central Bank won't change its trajectory of increase of the Selic rate (basic interest rate). The economy continues heated", says Rafael Bacciotti, analyst of the consulting firm Tendencias.
Despite the good performance, the production of capital goods ended May with a 2.4% fall in comparison with its record level, of September 2008. Among capital goods, civil construction, the very industry and transports stood out in May. Concerning the fall of semi- and non-durable consumer goods (-0.9%) reflects the lesser production of gasoline, with the stoppage of refineries, and the punctual retraction of the pharmaceutical and food sectors.