Industrial production showed positive rates in 8 of the 15 locations surveyed by the IBGE in November, compared to October, but showed zero change (0.0%) compared to the preceding month. The largest advances were in Mato Grosso (7.2%) and Espírito Santo (4.4%). The positive results were completed by Paraná (1.1%), Pernambuco (0.9%), Minas Gerais (0.9%), Bahia (0.9%), Rio Grande do Sul (0.6%) and the Northeast Region (0.1%). The data are from the Regional Monthly Survey of Industry (PIM), released today (14).

Mato Grosso (7.2%) recorded its fourth consecutive positive result, advancing 16.9% during this period. “The chemicals sector stands out as a positive influence on the growth performance of Mato Grosso's industry this month, giving it the most intense positive rate since March 2023, when it grew 8.2%,” highlights the survey analyst, Bernardo Almeida. Meanwhile, Espírito Santo (4.4%) eliminated the 1.4% decline recorded in October 2025. “The Espírito Santo industry was driven by the basic metals and mining and quarrying industries this month, with the first place in terms of positive influence among the other results.”

Goiás (-6.4%) showed the highest decline this month, interrupting four consecutive months of production growth, a period in which it accumulated a gain of 11.3%. “Sectors such as petroleum derivatives and biofuels, and food contributed to this behavior of the Goiás industry. This result is the most negatively intense for the Goiás industry since November 2019, when it reached a drop of 8.6%,” analyzed Mr. Almeida. Amazonas (-2.8%), Ceará (-2.6%), Rio de Janeiro (-1.9%), Santa Catarina (-0.8%), and Pará (-0.5%) also recorded negative results in November 2025.

São Paulo, the region with the highest industrial concentration (approximately 33%), fell 0.6% in that month, mainly influenced by the mining and quarrying industries and petroleum derivatives and biofuels sectors. According to Bernardo Almeida, this is the third consecutive negative rate for the São Paulo industry, accumulating a loss of 2.9% in this period. With this result, São Paulo's industry is 2.8% below its pre-pandemic level, established in February 2020, and 23.8% below its highest production level, reached in March 2011.

Industry declines in 9 of the 18 locations surveyed compared to November 2024

Compared to November 2024, the industrial sector declined 1.2% in November 2025, with 9 of the 18 locations surveyed showing negative results. It is worth mentioning that November 2025 (19 days) had the same number of working days as the same month of the previous year (19).

Mato Grosso do Sul (-13.9%) and Pará (-11.6%) recorded double-digit declines, the sharpest ones in that month, mainly pressured by the negative performance observed in the activities of coke, petroleum products and biofuels (ethyl alcohol) in the first location; and mining and quarrying industries (iron and manganese ores – raw or processed) in the second.

Ceará (-5.0%), São Paulo (-4.7%), Mato Grosso (-4.2%), Maranhão (-4.1%), Amazonas (-3.7%), Rio Grande do Norte (-2.3%), Paraná (-2.2%) and Santa Catarina (-1.4%) completed the set of locations with a decline in production in the monthly index for November 2025. On the other hand, Espírito Santo (36.8%) recorded a double-digit increase, the highest in that month.

“Compared to November 2024, the Espírito Santo industry was the main positive influence, driven largely by the activity of mining and quarrying industries. It is worth noting that the result for Espírito Santo in November 2025 was largely influenced by the low base of comparison, since, in November 2024, the local productive sector declined by 12.0%,” explains Bernardo Almeida, survey analyst.

More about the survey

The Regional Industrial Production Survey (PIM - Regional) has been producing short-term indicators related to the behavior of the real output of mining and quarrying and manufacturing industries since the 1970s. It provides monthly indices for 17 Federation Units whose participation is at least 0.5% in the total value of national industrial transformation, and for the Northeast as a whole: Amazonas, Pará, Maranhão, Ceará, Rio Grande do Norte, Pernambuco, Bahia, Minas Gerais, Espírito Santo, Rio de Janeiro, São Paulo, Paraná, Santa Catarina, Rio Grande do Sul, Mato Grosso do Sul, Mato Grosso, Goiás, and the Northeast Region. The survey results can also be consulted in Sidra, the IBGE database. The next release of the Regional Industrial Transformation Index (PIM Regional) is scheduled for February 10th.