Brazilian industrial output steady in June

Industrial output in Brazil in June was just 0.5 percent greater than a year earlier, Reuters reports.

The news agency says the market had expected industrial output in June to be 0.4 percent smaller.

The report, citing figures given by the Brazilian statistics agency, says the annual rate of expansion slowed from the 4.1 percent recorded in May. Data show the output of the food processing industry grew by 4.5 percent.

Economists polled by the Brazilian central bank expect, on average, the economy will grow by 0.3 percent this year, ending a two-year-long recession.