Report published September 2, 2026
Brazil: Soft Industrial Activity in July 2026 – Goldman Sachs Research
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 2, 2026
- Analysis as of
- Not stated in source
Authors / editors: Alberto Ramos
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Brazil's industrial activity rose 0.17% mom sa (-0.5% yoy) in July 2026, falling short of consensus expectations. Weakness was led by intermediate goods and mining, with tight financial conditions and declining sentiment expected to weigh on performance for the remainder of the year.
Key Takeaways
- 1.Brazilian industrial production rose by a modest 0.17% mom sa (-0.5% yoy) in July, coming in below market consensus expectations of 0.5% mom sa.
- 2.The contraction in large-weight intermediate goods (-0.2% mom sa; 60.5% index weight) and mining (-1.0% mom sa) dragged on July performance, despite strength in capital and durable consumer goods.
- 3.Tight monetary/financial conditions, falling manufacturing PMIs, and deteriorating business sentiment indicate sustained headwinds for Brazil's industrial sector through the end of 2026.
Table of Contents
- Bottom Line
- KEY FIGURES (Jul)
- DETAILS
- Sluggish Industrial Activity
- Industrial Capacity Utilization Above the Historical Average
- Disclosure Appendix
Report data
Sluggish Industrial Activity
| Metric | Estimate | Context |
|---|---|---|
| Brazil Industrial Production | 0.17% | Month-over-month seasonally adjusted industrial activity growth |
| Brazil Industrial Production (Consensus) | 0.5% | Bloomberg consensus forecast for month-over-month seasonally adjusted industrial production |
| Brazil Industrial Production YoY | -0.5% | Year-over-year industrial production change in July 2026 vs. 1.7% in June |
| Manufacturing Production | 0.5% | Month-over-month seasonally adjusted manufacturing output, rebounding from -2.1% mom sa in June |
| Mining Production | -1.0% | Month-over-month seasonally adjusted mining production |
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Authors / Editors
Reported Data Context
- Brazil Industrial Production: 0.17 % (2026-07) · Source: IBGE
- Brazil Industrial Production (Consensus): 0.5 % (2026-07) · Source: Bloomberg
- Brazil Industrial Production YoY: -0.5 % (2026-07) · Source: IBGE
- Manufacturing Production: 0.5 % (2026-07) · Source: IBGE
- Mining Production: -1.0 % (2026-07) · Source: IBGE
Themes
Regions
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