07/04/18: Brazil’s Institute of Geography and Statistics reported today that industrial output of the country’s factories, mines and utilities declined during May at the fastest monthly pace since May 1995, falling by 10.9%, as compared to the prior month.

In comparison to the same month a year ago, Brazil’s industrial output declined by 6.6% during May, representing the biggest year-over-year percentage decline since October 2016.

Brazil-Industrial-Production-(05-18)

May’s sharp drop in Brazil’s industrial output indicates that the country has likely re-entered an economic recession after emerging during September 2016 from the worst recession ever.