From January to February, the seasonally adjusted indexes of industrial production by area decreased in 5 of the 14 areas surveyed. São Paulo (-1.5%), Minas Gerais (-1.6%) and Rio de Janeiro (-0.9%), which correspond to about 60% of the total for national industry, represented the main negative contributions. Ceará (3.44%), Bahia (2.8%) and the Northeast Region (2.7%) were the highlights among the areas with growth of industry above the national level (-0.55). In the comparison February 2008/February 2007, for which the national index was 9.7%, the indexes increased in all the areas surveyed, especially in Pernambuco (18.8%) and Goiás (18.1%), which were benefited by the positive performance of the food sector.

 

The comparison with February 2007 shows increase in the fourteen areas surveyed. It is worth mentioning that in February 2008 there was one more business day than in the same month of the previous year. Eleven areas had increase above the national average (9.7%), with two-digit increase, being the highlights Pernambuco (18.8%) and Goiás, influenced by the performance of the services sector.

 

Considering the indicator accumulated in the first two months, there was evolution in all the areas, with increase above average in nine of them (9.2%); eight of these figures represented two-digit increases: Amazonas (17.7%), Pernambuco (15.6%), Paraná (15.3%), Espírito Santo (14.1%), Goiás (11.8%), São Paulo (11.5%), Minas Gerais (10.5%) and Rio Grande do Sul (10.5%). In these areas, dynamism was particularly affected by factors related to the expansion of the production of durable consumer goods (automobiles and mobile telephones) and of the sectors producing capital goods (for transportation, for industrial purposes and for mobile telephony), to the recovery of the agricultural sector (harvesting machines, tractors and fertilizers) and to the positive performance of the commodities exported (crystallized sugar, steel products, petroleum and iron ore).

 

In comparison with the figure for the last quarter of 2007, the index for the first two months of 2008 indicated acceleration at national level, wit change from 7.9% to 9.2%. This movement was observed in twelve of the fourteen areas surveyed, especially in Pernambuco (from 4.1% to 15.6%), Paraná (from 6.6% to 15.3%) and Goiás (from 4.4% to 11.8%).

 

The annualized rate, the indicator accumulated in the last twelve months, increases by 6.9% at national level, and shows acceleration in comparison with January results (6.4%). This change is present in almost all the areas surveyed, being the highlights Amazonas (from 5.2% to 7.5%) and Goiás (from 1.5% to 2.8%), which represented the major gains between the two periods.

 

 

Amazonas

 

In February, the industrial production in Amazonas decreased in comparison with the immediately previous month (-2.4%), in the seasonally adjusted series, after having increased for two consecutive months, in a period with 10.5% of accumulated increase.

 

In comparison with February 2007, the increase of 17.4% was the ninth consecutive positive rate. In the first two months of the year, there was increase of 1.77%, a result above the 12.4% registered in the second quarter of 2007. The indicator accumulated in the last twelve months also increased in February (7.5%) and accelerated in relation to the January index (5.2%).  

 

In the comparison February 08/February 07, six of the eleven subsectors contributed positively to the increase of 17.4% in the overall average, being the highlights, above all, the positive performance of electronic material and communication equipment (31.1%), other transportation equipment (23.5%), food products and beverages (19.4%) and editing and printing (50.5%). Increases in the production of mobile telephones and television sets; motorcycles and its pieces and accessories; preparations in syrup for beverage elaboration; and DVDs’ were relevant to the results of these subsectors. On the other hand, the main negative impact came from metal products (-25.2%), affected by the decrease of the production of shavers and razors.

 

The indicator accumulated in the first two months of this year has increased by 17.7%, with positive rates in six of the eleven subsectors surveyed. The most relevant positive contributions came from electronic material and communication equipment (24.4%), other transportation equipment (26.5%), editing and printing (70.4%) and food products and beverages (17.1%). The main negative contribution still comes from the segment of metal products (-14.4%), due to the decreases in the items shavers and razors.

 

Pará

 

In February, the industrial production in Pará increased by 1.9% in comparison with January, in the seasonally adjusted series, the third consecutive positive rate, having accumulated increase of 6.8% in this period.

 

In the comparison with the same month in the previous year, it was observed that there was increase of 13.0%, the highest increase since November 2006. The indicator accumulated in the year increased by 9.6%, at a rhythm above that observed in the last quarter of 2007 (2.9%). The figure accumulated in the last twelve months shows increase of 2.8%, interrupting the downward trend registered since January 2007.

 

In comparison with February 2007 (13.0%), four of the six subsectors had positive rates, being the highlight mining and quarrying industry (16.5%) and metallurgy (17.5%), in which the most important items were iron ore and aluminum oxide, respectively. On the other hand, the main negative contribution came from wood (-16.8%), affected by the low production of sawed wood.

 

The increase of 9.6% accumulated in the first two months of the year was base don the increase observed in five of the six areas surveyed. The main positive contributions came from mining and quarrying industry (12.4%) and metallurgy (8.3%). On the other hand, the subsector of food products and beverages (-2.2%) was the only negative contribution, mainly affected by the production of soft drinks.

 

  

Northeast Region

 

In February, the industry of the Northeast had increase of 2.7% in relation to January, in the seasonally adjusted series, after having hanged by -0.5% in January.

 

In comparison withy the same month in the previous year, industry increased by 12.2%, the highest result since January 2005 (12.3%). The index accumulated in the first two months of the year increased by 7.7% and had acceleration in comparison with the last quarter in 2007 (5.4%). The annualized rate, that is, the indicator accumulated in the last twelve months, had increase of rhythm from January (3.1%) to February (3.8%).

 

Still considering the monthly index, the increase of 12.2% in February was the tenth consecutive positive rate in this type of comparison. In February, nine of the eleven subsectors surveyed showed increase in production, being the highlight food products and beverages (16.8%) and petroleum refining and alcohol production (18.1%), affected by the items crystallized sugar in the first group, and alcohol and diesel, in the second. It is also worth mentioning the positive results of chemical products (9.3%) and cellulose and paper (28.8%), with increased production of vinyl polychloride and linear polyethylene, and cellulose. On the other hand, electric machines, appliances and equipment (-6.5%) and apparel (-5.3%) were the only tow negative contributions to the global average of industry.

 

In the increase of 7.7% accumulated in the first semester of 2008, nine of the eleven activities surveyed had positive rates. The most relevant positive contribution came from food products and beverages (12.1%), being followed by the subsectors of petroleum refining and alcohol production (11.05) and cellulose and paper (25.7%). In these subsectors, the highlights were the increased production of the items peanuts and toasted cashew nuts, demerara sugar; ethyl alcohol, diesel, and cellulose, respectively.  On the other hand, the main negative highlight over the total average was that of textiles (-8.1%), with the reduction of textiles (-8.1%), due, mainly, to the reduced production of cotton textiles and cloth.

 

Ceará

 

In February, the seasonally adjusted industrial production in Ceará increased by 3.4% in relation to the immediately previous month, after having fallen for three consecutive months, a period in which it accumulated loss of 5.1%. 

 

In comparison with the same month in the previous year, production increased by 6.6%, the biggest change since 12.4% (October 2006). The indicator accumulated in the year, with rate of 2.1%, has decreased in relation to the fourth quarter of 2007 (3.6%). The index accumulated in the last twelve months points to a positive rate of 0.9%, a result slightly above that of 0.5%.

 

Still considering the monthly indicator (6.6%), seven of the tem activities surveyed had positive rates, with the sector of food products and beverages (19.9%) as the main positive impact. In this segment, the highlight is the item toasted cashew nuts. It is also worth mentioning the positive contributions from footwear and leather articles (14.8%) and of chemical products (19.0%), due, mainly, to the production of plastic and leather footwear; veterinary vaccines and paints and varnishes for construction. On the other hand, the most relevant negative contributions came from petroleum refining and alcohol production (-52.8%) and textiles (-7.3%), which have been affected by the decreases of diesel and asphalt; cotton thread and artificial fiber cloth.  

 

The indicator accumulated in the first two months of the year shows expansion of 2.1%, with positive rates in six of the tem subsectors. The main positive influence on the overall rate was that of food products and beverages (15.0%), mainly due to the increased production of toasted cashew nuts. Other highlights were the subsectors of footwear and leather articles (14.8%) and chemical products 913.5%), due, respectively, to plastic and leather footwear; and paints and varnishes for construction. Negative contributions came from textiles (-21.5%) and petroleum refining and alcohol production (-34.7%), due, respectively, to the decrease of the production of cotton thread and cloth, diesel and liquefied petroleum gas.

 

Pernambuco

 

In February, the seasonally adjusted industrial production of Pernambuco changed by 0.1%; it was the fourth positive consecutive result, in a period in which there was accumulated increase of 8.1%.

 

In comparisons with equivalent periods in 2007, the indicators accumulated in the month and in the year were positive: 18.8% and 15.6%, respectively. The indicator accumulated in the last twelve month, after changing from 5.6% in January, to 6.5% in February, has remained on an upward trend since December 2007.

 

In comparison with February 2007, the industry of Pernambuco grew 18.8%, the fifth consecutive positive rate and the biggest increase since the 23.6% registered in March 1995. By subsector, five of the six subsectors surveyed had expansion, being the main one came from the subsector of food products and beverages (31.1%), due to the increased production of crystallized and demerara sugar, as a consequence of the better climatic conditions faced by the 2007/2008. It is also worth mentioning the positive impacts of petroleum refining and alcohol production (161.7%) and of metallurgy (13.5%), due, respectively, to the increased production of alcohol; aluminum plates and carbon steel square bars. The main negative contributions came from cellulose and paper (-16.1%), due to the production of paper bags and packs, and kraft paper for packaging, and from textiles (-7.0%), due to the lower production of cotton cloth.

 

In the first two months of 2008, there was increase by 15.6%, at a higher rhythm than that observed in the last quarter of 2007 (4.1%). Positive contributions to this result came from eight of the eleven subsectors, especially food products and beverages (18.4%), due to the increment to the production of refined and crystallized sugar. Other highlights were the increases from chemical products (25.9%) and petroleum refining and alcohol production (103.9%), due to the increases of: styrene-butadiene rubber, paints and varnishes for construction and alcohol. The main negative contributions came from cellulose and paper (-16.1%) and textiles (-15.6%), due, respectively, to the reduced  production of paper bags and packs, and cotton cloth.

 

Bahia

 

In February, the seasonally adjusted industrial production in Bahia increased by 2.8% in relation to January; it was the second consecutive positive rate, with increase of 3.2%.

 

In relation to February 2007, the industry of Bahia increased 11.7%; it was the highest rate since November 2004 (30.0%). In terms of the rate accumulated in the first two months, the increase was 5.7%, with a rhythm slightly above the 5.0% registered in the last quarter of 2007. The indicator accumulated in the last twelve months increased by 2.4% in February, having accelerated in comparison with the January result (1.5%).

 

Still considering the monthly indicator (11.7%), which points to the fifth consecutive positive rate, all the nine subsectors surveyed had increase of production. The leader was chemical products (12.1%), due to the increased production of ammonium sulfate and vinyl polychloride (PVC). In second place are cellulose and paper (34.1%), due to the increased production of cellulose and paper; and petroleum refining and alcohol production (9.0%), due, mainly, to the items diesel and other types of fuel oil.

 

In the indicator accumulated in the year, the industry in Bahia increased 5.7%, with positive rates in eight of the nine activities surveyed. The main influence came from cellulose and paper (30.4%), followed by petroleum refining and alcohol production (3.4%) and chemical products (2.0%). In these subsectors, the highlights were the increases in cellulose; diesel and asphalt; and vinyl polychloride, and linear polyethylene. On the other hand, the only negative rate was food products and beverages (-0.4%) affected, mainly, by the items flour and pellets from the extraction of soybean oil, and crude soybean oil.

 

Minas Gerais

 

In February, the seasonally adjusted industrial production of Minas Gerais decreased by 1.6%, after having increased by 1.4% in January.

 

In comparison with February 2007, the industry of Minas Gerais grew 10.7%, the twentieth consecutive positive rate in this type of comparison. Considering the index accumulated in the first two moths of the year, the sector increased its production by 10.5%, that is, above the 9.1% registered in the last quarter of 2007. The indicator accumulated in the last twelve months also shows increase (9.5%) and has remained on an upward trend since march 2007 (4.5%).  Considering the monthly indicator (10.7%), the industry of Minas had increase in both mining and quarrying industry (13.2%), due to the increased extraction of iron ore and in manufacturing industry (10.3%). For the result of this type of industry, positive contributions came from nine of the twelve subsectors surveyed, with automotive vehicles (29.8%) as the main highlight, due to the production of cars and vans. It is also worth mentioning the positive contributions from metallurgy (5.8%) and machinery and equipment (23.7%), affected by the items carbon steel and carbon niobium bobbins; and dozers and tractors.  

 

The main negative highlights came from tobacco (-7.8%) and textiles (-1.5%), due, mainly, to the reduced production of cigarettes and textiles. Considering the indicator accumulated in the year, there was increase of 10.5%, affected by the positive results of manufacturing industry (9.8%) and mining and quarrying industry (14.4%). In the former, in which there were positive increases in ten of the twelve subsectors surveyed, the main positive contribution to the overall index came from automotive vehicles (28.1%), due to the item cars and vans.  Another relevant contribution was that of petroleum refining and alcohol production (20.3%) and chemical products (12.0%), due to the increase of petroleum refining and alcohol production and diesel and gasoline; fertilizers and superphosphates. The only two negative contributions came from the subsectors of tobacco (-3.7%) and textiles (-3.5%).

 

Espírito Santo

 

The seasonally adjusted industrial production in Espírito Santo, in February, reached 1.0% in comparison with January, after decreasing 2.8% in the previous month. The quarterly moving average index had positive change of 0.4% in the quarters which ended in January and February, the third positive rate, having accumulated increase of 5.8% between November and February.  

 

In comparison with the same month in the pervious year, there was increase of 16.3%, the fifth consecutive positive rate. The indicator accumulated in the last twelve months increased by 14.1%, a rhythm above that observed in the fourth quarter of 2007 (12.2%). The index accumulated in the last twelve months, on a downward trend since October last year, registered 8.7% in February.   

 

In comparison with February 2007 (16.3%), three of the five subsectors had increase, being the highlight metallurgy (36.8%), mining and quarrying industry (22.4%) and food products and beverages (6.7%), affected, respectively by the production of carbon steel ingots, blocks and; petroleum and natural gas; and chocolate candies containing cocoa.  On the other hand, the main negative impact came from cellulose and paper (-1.5%), especially due to the reduced production of cellulose.

 

The indicator accumulated in the year increased by 14.1%, with higher production levels being registered in four subsectors, mainly: metallurgy (33.1%0 and mining and quarrying industry (21.85), due to the increments in the items: carbon steel ingots, blocks and; petroleum and iron ore. On the other hand, cellulose and paper (-7.2%) was the only negative contribution.

 

Rio de Janeiro

 

The industrial production of Rio de Janeiro, in the seasonally adjusted series, fell by 0.9% from January to February, after having accumulated increase of 2.6% in the last two months.

 

In comparison with February 2007, the overall index increased by 8.1%, the highest result since the 8.7% observed in February 2006. This way, the indicator accumulated in the first two months of the year was 6.5%, a rhythm above that of the 4.1% registered in the fourth quarter of last year. The annualized rate, measured by the indicator accumulated in the last twelve months, maintains the growing trend which started in September 2007, having changed from 2.4% in January, to 3.1% in February.

 

The increase of 8.1%, which was observed in the comparison February 08 / February 07 is based on the positive indexes of manufacturing (9.7%) and mining and quarrying industry (2.0%). The latter, after being practically stable in the previous month (0.1%), has had its first positive rate since July 2007, being influenced by the increased extraction of petroleum. In manufacturing industry, which had the fifth positive result, eight of the eleven activities had increase of production. The leadership remained with the subsector of other chemical products (29.0%), followed by automotive vehicles (30.8%), petroleum refining and alcohol production (12.5%) and metallurgy (11.6%). In these subsectors, the highlights were the items herbicides, trucks and cars; diesel and naphtha; and carbon steel bobbins and bars. Among the four activities of manufacturing industry which faced decrease in production, beverages (-5.5%) and perfumery, soaps and cleaning products (-12.3%) were the main negative impacts on the average of industry.

 

The accumulated production in the first two months of the year increased by 6.5% in comparison with the same period in the previous year, with positive rates in most 910) of the activities surveyed. Among the subsectors with increase of production, the main positive contributions came from other chemical products, with increase of 25.3% and automotive vehicles (32.1%), which were affected by the items herbicides and cars and vans. It is also important to point out the positive contributions from petroleum refining and alcohol production (10.1%), food products (14.3%) and metallurgy (7.8%). In these subsectors, the highlights were the increased production of diesel; fish preparations and preserved fish; and carbon steel bobbins and bars. On the other hand, the most important decrease is, once again, that of pharmaceutical industry (-28.6%), which faced reduction in 70% of the products surveyed.

 

São Paulo

 

The industry of São Paulo faced decrease of 1.5% in February, after having increased by 2.8% in January (seasonally adjusted series).

 

In comparison with February 2007, production increased by 10.1%, the fourteenth consecutive positive rate, and the index accumulated in the first two months of the year increased by 11.5%. The indicator accumulated in the last twelve months (7.4%) has remained on an upward trend since June last year and shows acceleration of the rhythm of increase in relation to January (6.9%).

 

Still considering the monthly index, the increase of 10.1% is based on the positive performance of sixteen among the twenty subsectors surveyed. Automotive vehicles (18.5%), machinery and equipment (21.1%), electronic material and communication equipment (37.2%) and other chemical products were the most significant contributions to the overall index. In these subsectors, the main items accounting for the increases were: cars; elevators for goods; products associated to mobile telephony, transformers, and insecticides, respectively. On the other hand, the overall result could have been even higher, if it there had not been a technical interruption in an important company of the pharmaceutical sector (-32.0%), which had an unusually low rate.

 

The production accumulated in the first two months of the year increased by 11.5%, at a rhythm higher than that of the last quarter of 2007 (9.2%), being both comparisons in relation to the previous year. The result of the index accumulated in the period January-February was based on most (18) of the twenty subsectors; the main contributions to the overall rate of industry were those of automotive vehicles (24.0%), machinery and equipment (16.4%), electronic material and communication equipment 931.6%) and other chemical products (17.1%). In these subsectors, the highlights were, respectively, production of cars; elevators for goods; products related to mobile telephony; and insecticides. On the contrary, the main negative contributions to the overall rate came from editing and printing (-1.7%) and pharmaceutical industry (-1.7%), de to the performance of the items magazines and medicines.

 

Paraná

 

The seasonally adjusted industrial production of Paraná decreased by 1.5% in February, in comparison with the immediately previous month, after having increased for two months, in a period when it accumulated increase of 9.1%.

 

In relation to February 2007, there was increase by 12.0%, the seventeenth consecutive positive increase in this type of comparison. The indicator accumulated in the first two months of the year also points to increase (15.3%), with a result extremely above that of the last quarter of the previous year (6.6%). The annualized rate, index accumulated in the last twelve months, has remained on an upward trend since December last year, and reached 8.1% in February. Also concerning the monthly index, the production in Paraná increased 12.0%, with positive rates in 9 or the 12 activities surveyed. In this case, the main highlights were: automotive vehicles (47.7%), machinery and equipment (25.7%), petroleum refining and alcohol production (28.2%) and cellulose and paper (14.2%). In these subsectors, the main increases were those of trucks and cars; harvesting machines and refrigerators or freezers; diesel; paperboard, respectively. The main negative contribution came from food products (-13.2%), which represented the highest  contribution to the industrial structure of the state, and was affected by the decreases of poultry meat and giblets and refined soybean oil. Both groups were influenced by a  higher comparison basis and by he interruption for maintenance of services in an important company of the sector.

 

The indicator accumulated in the year shows increase of 15.3%, with a higher production in twelve of the fourteen subsectors. The biggest positive contributions in the formation of the overall rate came from automotive vehicles (47.1%), machinery and equipment (28.1%), petroleum refining and alcohol production (15.3%) and cellulose and paper (14.4%), due, mainly, to the increases of: trucks and cars; harvesting machines and tractors; diesel and paperboard. On the other hand, negative contributions came from food products (-2.9%) and beverages 9-3.8%), being the highlights the decreases in poultry meat and giblets and beer and draft beer, respectively.

 

Santa Catarina

 

The seasonally adjusted industrial production index was stable 90.0%), in comparison with the January index, after having increased 3.4% in the previous month.

 

In comparison with February 2007, the industrial sector of Santa Catarina increased by 6.7%, for the fourteenth consecutive month, in this type of comparison. The indicator accumulated in the first two months of the year points to increase (4.9%), but to deceleration in comparison with the result for the last quarter of the previous year (6.5%). The index accumulated in the last twelve months, which changed from 5.5% in January, to 5.7% in February, remains on an upward trend in July 2006 (-2.5%).

 

In the monthly index, the increase of 6.7% of the overall average of industry reflects the positive performance of nine among eleven subsectors surveyed. The main positive contributions to the formation of this result came from a technical interruption in an important company of this sector in February 2007, and from food products (6.3%). The highlights were the increased production of truck and car trunks; cardboard for packaging and poultry meat and giblets. It is also worth mentioning the increases in the subsector of rubber and plastic (10.3%), electric machinery, appliances and equipment (13.3%) and textiles (5.0%). On the other hand, the only two negative performances were those of wood (-18.1%), affected by the decrease of the item sawed wood, and machinery and equipment (-1.9%), due to the decrease of the production of refrigerators and freezers.

 

The accumulated production of the first two months of the year increased by 4.9% with a predominance of positive results which reached eight of the eleven subsectors surveyed. The most relevant positive results came from food products (5.2%) and automotive vehicles (13.8%), whose increases can be explained by the performance of the items: poultry meat and giblets; and car and bus trucks, respectively.  It is also worth mentioning the positive contributions of cellulose and paper (10.6%), apparel (16.3%) and rubber and plastic (9.6%). In these segments, the highlight were the increases in the production of cardboard for packaging, cotton t-shirts and plastic tubes and pipes, respectively. Among the activities with falling rates, wood had the worst result (-19.9%), due, mainly, to the decrease observed in sawed wood.

 

 

Rio Grande do Sul

 

In February, the seasonally adjusted industrial production in Rio Grande do Sul had positive increase of 0.4% in comparison with January results; it was the second consecutive positive result, having accumulated 2.3% of increase in this period. The comparison with the same month in the previous year showed increase of 12.0%. This way, the indicator accumulated in the first two months of the year was 10.5%, showing higher rhythm of increase in comparison with the 7.3% registered in the last quarter of 2007. The annualized rate, the index accumulated in the last twelve months, on a growing trend since September 2006, had acceleration between January (7.7%) and February (8.2%).

 

In terms of the indicator accumulated in the year, the increase of 12.0% was the highest since April 2007 (15.2%). Eleven of the fourteen subsectors surveyed contributed positively to the formation of the overall rate, being the highlight petroleum refining and alcohol production (31.8%), machinery and equipment (25.5%), automotive vehicles (24.9%) and food products (11.4%). In these subsectors, the highlights were, respectively, the increases of diesel, naphtha for petrochemical industry, harvesting machines, hydraulic tools for non-electric engines, buses and car trunks; cattle and poultry meat. On the other hand, the main negative contributions came from tobacco (-10.3%), which faced decrease of production, especially of processed tobacco; and beverages (-11.5%), due, above all, to the lower production of beer and draft beer.

 

The increase of 10.5% of the index accumulated in the year in the period January-February reflects the increases in nine activities. Among these are machinery and equipment (27.8%), petroleum refining and alcohol production (23.9%), automotive vehicles 922.3%) and food products (10.9%). These segments registered increase in production, mainly in harvesting machines, hydraulic tools for non-electric engines, diesel, buses and car trunks; cattle and poultry meat. On the other hand, tobacco (-8.1%) and beverages (-4.6%) were the main negative contributions, in which the highlight was the reduction in the production of processed tobacco and beer and draft beer, respectively.

 

 

Goiás

 

In February, the seasonally adjusted industrial production in Goiás increased by 2.1% in comparison with the result in January, after having accumulated increase of 5.5% in January, with 7.8% of expansion in these two months. 

 

In the comparison with the same month in the pervious year, expansion of 18.1% is the highest since January 2007 (18.3%). This way, the indicator accumulated in the year also presented two-digit increase (11.8%) and had strong acceleration in comparison with the result of the last quarter in 2007 (4.4%). The index accumulated in the last twelve months also had increase of rhythm, by changing from 1.5% in January to 2.8% in February.

 

In the indicator accumulated in the year, the increase of 11.8% was base don the increases of three activities, being the highlight food products and beverages (11.9%), chemical products 920.7%) and mining and quarrying industry (23.8%), especially due to the increases of the following products: mayonnaise, powdered milk, fertilizers, medicines, asbestos and crushed rocks, respectively. On the other hand, metallurgy (-0.9%) was the only negative impact, especially due to the reduced production of golden bars.