From April to May, the seasonally adjusted regional indexes of industrial production showed decline in eight of the fourteen areas surveyed, with significant decreases in Rio Grande do Sul (-4.2%) and Santa Catarina (-3.1%).

 

 

From April to May, the seasonally adjusted regional indexes of industrial production showed decline in eight of the fourteen areas surveyed, with significant decreases in Rio Grande do Sul (-4.2%) and Santa Catarina (-3.1%). The other negative rates occurred in the following areas: Ceará (-2.2%), Goiás (-2.1%), Pernambuco (-1.5%) and Northeast Region (-0.8%), which had decreases above the national average (-0.5%), whereas São Paulo (-0.3%) and Amazonas (-0.2%) had virtually the same performance as in the previous month. The areas with increase in production were: Paraná (4.3%), Rio de Janeiro (2.4%), Espírito Santo (2.2%), Pará (2.1%), Bahia (1.0%) and Minas Gerais (0.8%). In the comparison May08/May07, there were increases in 9 of the 14 areas surveyed. The indicator accumulated in the first five months of the year was characterized by a profile of increase in all the areas surveyed.

 

In relation to May 2007, industrial activity increased in 9 of the 14 areas surveyed. Although there has been predominance of positive rates, the monthly indicator was also decreased in 10 areas between April and May. This loss of rhythm was also indicated by the national index which registered increase of 10.0% in April and 2.4% in May. This change was affected by the calendar, once May 2008 had 2 working days less than May 2007. The deceleration of production was more significant in Santa Catarina (from 9.9% to -5.7%), Ceará (from 6.6% to -7.5%), Rio Grande do Sul (from 7.5% to -4.7%), Goiás (from 15.8% to 5.3%), Northeast (from 9.6% to1.0%) and São Paulo (14.9% to 6.6%). Paraná, which changed from 10.0% in April to 14.0% in May, was the highlight among the areas with big increase of rhythm.

 

The indicator accumulated in the first five months of the year was characterized by an overall occurrence of increase in all the areas surveyed. With increases above the 6.2% registered in the country were Espírito Santo (17.1%), Paraná (11.0%), Goiás (10.0%), São Paulo (9.7%), Pernambuco (8.4%), Amazonas (8.3%) and Minas Gerais (6.7%). In these highlights, there was significant presence of car industry (cars, trucks and car pieces), of sectors which produce machinery and equipment, and of sectors associated to commodities exported (petroleum, iron ore, steel products, cellulose and sugar). In the other areas the results were: Pará (5.9%), Bahia (5.7%), Northeast (5.6%), Rio Grande do Sul (4.0%), Ceará (2.3%), Santa Catarina (2.0%) and Rio de Janeiro (1.9%).

 

Amazonas

 

In May, the seasonally adjusted industrial production of Amazonas had negative change of 0.2% in comparison with the immediately previous month, after being practically stable in April (0.1%). In relation to May 2007, the sector pointed to increase of 4.6%, the 12^th consecutive positive rate in this comparison. In terms of the indicator accumulated in the year, there was increase of 8.3%. The annualized rate, the index accumulated in the last twelve months, increased by 8.4% and accelerated in relation to the April result (7.8%).

 

In the comparison May 08/May 07, 4 of the 11 subsectors contributed positively to the increase of 4.6% in the overall index, being the main highlight the performance of transportation equipment (18.7%), editing and printing (56.1%) and medical, hospital, optical and other type of equipment (22.6%). In these subsectors, the highlights were the increases in the production of motorcycles, pieces and accessories; DVD’s; and clocks. On the other hand, the main negative contribution to the rate came from machinery and equipment (-20.2%), affected, mainly, by the decreases in microwave ovens and air conditioners, and food products and beverages (-5.5%), mainly affected by the fall of powdered preparations for beverage elaboration.

 

The indicator accumulated in the period January-May had 8.3% of increase, in 4 four of the 11 subsectors surveyed. The most significant positive contributions to the overall index came from other transportation equipment (22.8%), editing and printing (62.0%) and electronic material and communication equipment (10.0%), in which the highlights were: motorcycles, pieces and accessories; DVD’s; and mobile telephones. On the other hand, the main negative impacts came from metal products (-14.0%) and machinery and equipment (-15.2%), above all, due to the decreases in production of shavers and microwave ovens. 

 

Pará

 

In May, the seasonally adjusted industrial production of Pará increased 2.1% in relation to April, after having decreased for two consecutive months, in a period in which it accumulated loss of 7.3%. Compared to the same month in the previous year, production increased by 3.1% and, considering the indicator accumulated in the year, by 5.9%. The annualized rate, the index accumulated in the last 12 months, has been on an upward trend since February, having changed from 3.1% in April, to 3.3% in May.

 

In the monthly indicator, the increase of 3.1% resulted from the increases in five of the six areas surveyed, with the main positive changes coming from the subsectors mining and quarrying industry (4.2%), food products and beverages (10.4%) and metallurgy (3.5%). In these subsectors, the highlights were the increases in production of iron ore; frozen crustaceans; and aluminum oxide, respectively. On the other hand, the only negative contribution came from wood (-27.0%), which faced decrease, mainly in the production of sawed wood.   

 

The indicator accumulated in January-May increased by 5.9%, with better results in five of the six activities surveyed. The biggest contributions to the overall rate came from mining and quarrying (6.4%), metallurgy (6.4%) and cellulose and paper (30.3%), mainly affected by the items: iron ore, aluminum oxide; and cellulose, respectively. On the other hand, wood (-14.0%) remains as the only negative impact on the overall rate.

 

Northeast

 

In May, the industry in the Northeast (with decrease of 0.8% in comparison with April), had the third consecutive decrease in comparison with the immediately previous month, in the seasonally adjusted series. The accumulated decrease was 3.1%. In the other comparisons, there were positive results: increases of 1.0% and 5.6% in relation to the same month in the previous year and accumulated in the first five months of the year, respectively. The annualized rate, the index accumulated in the last twelve months, was practically stable between April and May (4.7%).

 

In terms of the monthly indicator, the index increased 1.0%, with positive rates in 6 of the 11 subsectors surveyed. The main positive impact to the overall rate came from cellulose and paper (35.0%), mainly due to the increased production of cellulose. It is also worth mentioning the positive performances of food products and beverages (3.3%) and, to a lower extent, mining and quarrying industry (2.9%), in which the highlights were, respectively, cashew nuts, and beer and draft beer; and petroleum and natural gas. On the other hand, textiles (-7.6%) and chemical products (-1.8%) were the main negative contributions, being the highlights, in these subsectors, decreases in the production of cotton cloths; high-density polyethylene and non-saturated ethylene.

 

The indicator accumulated in the period January-May increased 5.6%, with positive results in nine subsectors, being the main contribution that of food products and beverages (9,1%), petroleum refining and alcohol production (9.5%) and cellulose and paper (3.6%). These industries had decreases in the production of cashew nuts, demerara sugar; alcohol, diesel; and cellulose, respectively. On the other hand, the most significant negative contribution came from textiles (-3.3%), due to the reduced production of cotton cloths and swimwear.

 

Ceará

 

In May, the seasonally adjusted industrial production of Ceará decreased by 2.2% in relation to the immediately previous month, after having decreased by 8.1% in April and accumulating loss of 10.1% in these two months. In comparison with May 2007, the sector faced decrease of 7.5%. In terms of the indicator accumulated in the first five months of the year, there was increment of 2.3%. The annualized rate, the index accumulated in the last twelve months, which had been on an upward trend since January 2008, faced reduction of the increase rate between April (2.9%) and May (1.7%).  

 

In relation to May 2007, the decrease of 7.5% occurred, above all, due to negative rates in seven of the tem subsectors surveyed. The main negative contributions came from petroleum refining and alcohol production (-39.1%), textiles (-8.7%), apparel (-20.0%) and food products and beverages (-3.6%). In these activities, the highlights were the production of diesel, in the first subsector; cotton cloths and synthetic fibers in the second; slacks for women and overalls, smocks and uniforms for professional use, in the third; and cookies, soft drinks and cashew nuts, in the last one. On the other hand, among the subsectors which had increase in production, the most significant positive impacts were those of chemical products (5.3%) and metal products 923.2%), in which the highlights were, respectively, the increases in veterinary vaccines; and corks, lids or metallic capsules.

 

The indicator accumulated in the year, compared to the same period in the previous year, increased by 2.3%, with positive rates in six of the tem subsectors surveyed. The subsector of food products and beverages represented the main positive contribution, affected, above all, by the increase of the production of cashew nuts and pasta. It is also worth mentioning the positive results of footwear and leather articles (6.5%) and chemical products (10.4%), in which the performances resulted, mainly, from the increased production of plastic footwear; and paints and varnishes for construction. On the other hand, the main negative contribution was that of the textiles subsector (-7.3%), due, mainly, to the decrease of the subsector of cloths made of artificial fibers and cotton.

 

Pernambuco

 

In May, the seasonally adjusted industrial production of Pernambuco decreased by 1.5%, after having presented a negative rate in the previous month (-8.4%). In comparison with the same month in the previous year, there was reduction of 3.6%. In the most encompassing indicators, the results remain positive: increase of 8.4% accumulated in the year and 5.5% accumulated in the last twelve months, showing deceleration in comparison with April (6.5%).

 

In the monthly indicator, the decrease of 3.6% has interrupted a sequence of seven positive results. To the formation of the overall rate, contributed negatively, 7 of the 11 activities surveyed, especially food products and beverages (-6.0%), mainly due to the decrease of the production of ice cream, and beer and draft beer. It is also worth mentioning reduction in metal products (-21.8%) and chemical products (-10.9%), due to the reduced production of aluminum cans for packaging, in the former sector, and decreases of the items calcium hypochlorite, styrene-butadiene rubber and oxygen, in the latter. The main positive contributions came from metallurgy (10.8%), due to the increase of the production of carbon steel square bars and aluminum plates and bands; and non-metallic minerals (4.0%), due to the increased production of clinker for cement and mass concrete.

 

Considering the indicator accumulated in the year, production increased by 8.4%, with positive rates in seven activities, being the main positive contributions those of the subsectors food products and beverages (10.8%), petroleum refining and alcohol production (118.2%), metallurgy (8.3%) and chemical products (9.0%). In these subsectors, the highlights were the items crystallized and refined sugar; alcohol; aluminum plates and bands; and paints and varnishes for construction. On the other hand, cellulose and paper (-12.0%) and textiles (-11.4%) were the main negative contributions due, respectively, to the decreases in the production of paper bags and sacks; and cotton cloth and threads.

 

Bahia

 

In May, the seasonally adjusted industrial production in Bahia increased by 1.0% in relation to the immediately previous month, after having increased by 1.7% in April, having accumulated increment of 2.7% in these two months. The industrial sector of the state increased 5.5% in comparison with the same month in the previous year and 5.7% in relation to the first five months of 2007. The annualized rate, the indicator accumulated in the last twelve months, increased between April (4.0%) and May (4.5%), confirming the upward trend which started in February 2008.

 

The monthly indicator (5.5%) had positive rates in six of the nine subsectors surveyed. The main contribution came from cellulose and paper (39.1%), affected by the increase of the cellulose production. It is also worth mentioning the results of food products and beverages (7.5%), above all, due to the increased production of beer and draft beer; and rubber and plastic (34.8%), as a result of the increases of the items tubes, pipes and plastic hoses; and plastic bottles and containers. On the other hand, the main negative highlights were automotive vehicles (-9.9%) and metallurgy (-1.6%), due, respectively, to the reduced production of cars; and copper square bars, profiles and bars.

 

In terms of the indicator accumulated in the first five months of the year, the industry of Bahia increased 5.7%, with growth in the nine activities surveyed. The leadership was that of the subsector cellulose and paper (27.0%), followed by petroleum refining and alcohol production (4.3%) and chemical products (2.4%), due, respectively, to the production of diesel and asphalt, and of linear polyethylene and urea.

 

Minas Gerais

 

In May, the seasonally adjusted industrial production index of  Minas Gerais increased by 0.8% compared to April, the third positive result in this type of comparison, in a period with accumulation of 2.3%. In the comparison with the same month in 2007, production increased by 4.7%, at a rate below the 7.1% registered in April. As a consequence, the index accumulated in the year was 6.7%. The indicator accumulated in the last twelve months (8.4%) shows rhythm decrease in relation to the previous month (8.9%).

 

In relation to May 2007, the industrial activity increased by 4.7%, based on the increase registered both in mining and quarrying industry (5.3%) and in manufacturing industry (4.6%). The increase of the latter was based on 8 of the 12 activities, especially automotive vehicles (13.2%), which is the highlight as the main positive impact in the formation of the overall index, due, mainly, to the increased production of cars. It is also worth mentioning the positive contributions from mining and quarrying industry (5.3%), non-metallic minerals (11.5%), metallurgy (2.9%) and cellulose and paper (16.4%), which had as highlights, respectively, the items iron ore, cement, iron-niobium and cellulose. Among the four subsectors which had negative contributions to the overall result, the main impact came from the textiles sector (-22.5%), with decrease in the production of cotton cloths.

 

In relation to the indicator accumulated in the first five months of the year, there was increase by 6.7%, due, mainly, to the growth of mining and quarrying industry (8.4%) as a consequence of the increased extraction of iron ore, the second main contribution to the overall result. Manufacturing industry (6.4%) also had increment in production, with positive results in 9 of the 12 subsectors surveyed, especially automotive vehicles (21.4%), non-metallic minerals (10.0%), metallurgy (2.6%) and petroleum refining and alcohol production (9.5%), due, mainly, to the bigger production of cars and pick-ups; cement and bricks; iron-niobium and steel bobbins and dieses and kerosene.

 

Espírito Santo

 

The seasonally adjusted industrial production in Espírito Santo increased by 2.2% from April to May, the fourth consecutive increment in this series, with accumulated increase of 7.2% in the period. In comparison with May 2007, the subsector has increased to significant 20.3% and keeps the sequence of eight positive rates. So, the indicator accumulated in the first five months of the year remains positive (17.1%). The annualized rate, the indicator accumulated in the last twelve months, kept its upward trend since September last year by reaching 12.5% in May.

 

The increase of 20.3% in comparison with the same month in the previous year is based both on the increase of mining and quarrying industry (29.6%) and of manufacturing industry (16.0%). In the first subsector, the highlights were iron ore and natural gas. In the manufacturing industry, in which four subsectors had positive rates, the main impact came from metallurgy (27.5%), due to the good performance of steel ingots and blocks, followed by the subsector of cellulose and paper (20.7%), which was affected by the increased production of cellulose paste.

 

The indicator accumulated in the first five months of the year, in comparison with the same period in the previous year, points to increase of 17.1%, with all the activities surveyed having a positive performance. The main contributions to the overall rate came from mining and quarrying industry (22.7%) and metallurgy (31.8%), due to the contribution from iron ore, natural gas and petroleum, in the former group, and steel ingots and blocks, in the latter. It is worth mentioning the exporting performance of the industry in the state in these first five months of 2008, with increase of 22.9%, above the 19.9% of the national average.

 

Rio de Janeiro

 

In May, the seasonally adjusted industrial population index of Rio de Janeiro increased by 2.4 compared to April, recovering part of the 3.7% of decrease it had reached in the previous month. In comparison with the same month in the previous year, production had null increase (0.0%), after two months of negative rates in this type of comparison. This way, the sector accumulated, in the period Jan-May 2008, increase of 1.9%, a rhythm below that of the first four months of the year (2.4%). The annualized rate, the indicator accumulated in the last twelve months, pointed to decrease of the rhythm of increase, having changed from 2.2% in April, to 2.0% in May.

 

In relation to May 2007, the industrial sector had null increase (0.0%), with increases in production in only 4 of the 13 subsectors surveyed. The main positive contribution to the overall average was that of pharmaceutical industry (23.7%), followed by automotive vehicles (15.3%) and by the mining and quarrying sector (5.3%). These activities were affected, to a great extent, by the increases in the items: medicines; trucks and cars; and petroleum. On the other hand, among the nine subsectors with reduced production, the main contributions came from petroleum refining and alcohol production (-13.7%), metallurgy (-6.6%) and perfumery, soaps and cleaning products (-27.1%), mainly affected by the decrease of the production of gasoline and diesel; tin plates and carbon-steel square bars; and toothpaste and cleaning waxes.

 

The industry in the state of Rio de Janeiro increased 1.9% in terms of the indicator accumulated in the first five months of the year, mainly as a result of the expansion of most of (eight) of the subsectors surveyed. The leadership, in terms of impact on the overall index, remained with automotive vehicles (28.0%), due to the increased production of trucks and cars. Other positive contributions to the overall index came from other chemical products (7.4%), non-metallic minerals (7.75) and mining and quarrying industry (1.6%), due, to a great extent, to the good performance of the items: herbicides; cement; and petroleum. On the other hand, among those with negative rates, the main contribution came from pharmaceutical industry (-9.8%), followed by petroleum refining and alcohol production (-3.3%) and beverages (-4.5%), affected by the items: medicines, gasoline and soft drinks.

 

 

São Paulo

 

In May, the industry of São Paulo decreased by 0.3% in comparison with April, in the seasonally adjusted series, after having increased for two consecutive months, when it accumulated increase of 2.7%. In comparison with May 2007, production increased by 6.6%, the 17^th consecutive positive rate. The index accumulated in the year increased by 9.7%. The indicator accumulated in the last twelve months (8.7%) has remained on a growing trend since June last year (3.5%).

 

In the quarterly index, the increase of 6.6% resulted from the positive performance of 17 of the 20 subsectors surveyed. Electronic material and communication equipment (25.7%), petroleum refining and alcohol production (12.3%), electric machines, appliances and equipment (21.5%), automotive vehicles (5.9%) and other transportation equipment (28.8%) were the most significant contributions to the increase of the overall industry.  In these subsectors, the main highlights were equipment for mobile telephony; diesel; transformers; cars; and airplanes, respectively. On the other hand, perfumery, soaps and cleaning products (-14.2%) was the main negative impact, to which contributed the decreases in toothpaste and shampoo.

 

The production accumulated in the period January-May increased by 9.7%, affected by the increments in 17 subsectors, with the main contributions to the overall average of industry coming from automotive vehicles (17.6%); electronic material and communication equipment (24.6%); machinery and equipment (11.3%); electric machines, appliances and equipment (26.4%) and other chemical products (3.5%), respectively. In these subsectors, the highlights were the items: cars; telephony equipment; appliances to lift and transport goods; transformers and insecticides. On the other hand, perfumery and cleaning products (-4.8%) was the subsector which represented the main negative impact over the overall rate, mainly due to the reduction which occurred in the production of toothpaste.

 

Paraná

 

The seasonally adjusted industrial production of Paraná increased 4.3% in May, compared to the immediately previous month, after decreasing by 0.6% in April. In relation to May 2007, the sector increased by 14.0%, the twentieth consecutive positive result in this type of comparison. The indicator accumulated in the year increased by 11.0% and the annualized rate, the index accumulated in the last twelve months, increased from 7.1% to 8.1% between April and May.

 

In the quarterly index, production in Paraná increased by 14.0%, with positive rates in 8 of the 14 activities surveyed, and editing and printing (207.6%) as the leader in the overall index. This unusual increase can be explained by the increase of special orders of books and printed material, together with a low comparison basis in May 2007. It is also worth mentioning the positive contributions from automotive vehicles (14.1%) and food products (8.4%), to a great extent, affected by the increases in the production of trucks, in the former subsector, and poultry meat and giblets and animal food in the latter. On the other hand, the main highlights came from other chemical products (-22.6%), electric machines, appliances and equipment (-19.1%) and wood (-9.0%), affected, to a great extent, by the decreases in the items ammonia and pieces for circuit interruption devices and wooden panels.

 

The indicator accumulated in the year increased by 11.0%, with production increments in eight subsectors, compared to the same period last year. The main positive contributions to the formation of the overall rate came from automotive vehicles (35.5%), machinery and equipment (20.6%), editing and printing (25.2%) and cellulose and paper (14.9%), due, mainly, to the increase in the items: trucks and cars; harvesting machines and tractors; books and printed material; and cardboard paper. On the other hand, the most significant negative impacts came from food products (-3.0%) and other chemical products (-12.2%) affected, mainly, by the decreases in poultry meat and giblets and ammonia, respectively.

 

Santa Catarina

 

In May, the seasonally adjusted industrial production in Santa Catarina decreased by 3.1% compared to the previous month, after having accumulated increment of 4.9% since January. In comparison with the same month in the previous year, the industrial sector of the state declined 5.7%, the lowest result since April 2006 (-10.1%). Therefore, both the indicator accumulated in the year, which changed from 4.1% in April to 2.0% in May, and the indicator accumulated in the last twelve months (from 5.5% to 4.3%) indicated reduction in the increase rate.

 

In the comparison May08/May07, industrial production in Santa Catarina faced decrease of 5.7%, with negative rates in 7 of the 11 subsectors surveyed. The main negative influences to industry came from machinery and equipment (-15.5%), affected by the vacation period in a big company of the sector, and, to a lower extent, by wood (-27.2%). In these subsectors, the main highlights were the decreases in refrigerators and freezers, in the former, and of sawed wood, in the latter. It is worth mentioning the negative contributions came from apparel (-14.2%), food products (-3.7%) and textiles (-6.5%), affected, mainly, by the items cotton outfits for female and male use; milks, preparations of meats and hogs and pigs, and poultry meat and giblets; and kitchen and bathroom linen. On the other hand, among the four subsectors which had positive rates, the highlights were non-metallic minerals (5.8%) and rubber and plastic (3.8%), affected by the items ceramic tiles and plates and plastic pieces and accessories for automotive vehicles.

 

The increase of 2.0% in the indicator accumulated in January-May, compared to the same period in 2007, reflected the increment in nine subsectors. The leadership, in terms of impact to the overall index, remained with automotive vehicles (14.6%), affected by the increased production of truck and bus bodies. It is also worth mentioning the positive performance of rubber and plastic (8.5%) and cellulose and paper (4.7%). On the other hand, the only two negative rates came from wood (-23.3%) and from machinery and equipment (-2.7%), subsectors affected, mainly, by the items sawed wood and refrigerators and freezers, respectively.

 

 

Rio Grande do Sul

 

 

The industry in Rio Grande do Sul faced 4.2% of decline in May, compared to April, in the seasonally adjusted series. It was the second consecutive negative result, in a period when industry in the state accumulated decrease of 6.1%. Compared to the same month in the previous year, the industrial sector faced decrease of 4.7%. In the other comparisons, results were positive: the indicator accumulated in the year increased by 4.0% and, in the last twelve months, by 5.5%, thus maintaining the downward trend in which it has been since March this year (8.2%).

 

Considering the indicator of the month, the 4.7% decline can be seen as a consequence of the negative performance of 7 of the 14 subsectors surveyed. The most significant negative impacts to the overall result came from tobacco (-28.3%), beverages (-53.6%), other chemical products (-16.9%) and footwear and leather articles (-11.7%), among which the highlights were processed tobacco; grape wine; non-saturated ethylene and styrene-butadiene rubber; and leather footwear. On the contrary, the main positive contributions came from food products (11.4%), due to the increased production of semi-whitened rice and beef; and machinery and equipment (12.7%), with air-conditioners and metallic silos as the main highlights. 

 

The index accumulated in the year increased by 4.0%, with positive rates in nine subsectors. The main positive contributions came from machinery and equipment (25.5%), food products (11.5%) and automotive vehicles (14.1%). In these subsectors the highlights were the increases in the production of air-conditioners, harvesting machines, beef, semi-whitened rice; truck and bus bodies, respectively. On the other hand, tobacco (-16.8%) and other chemical products (-10.2%) were the most significant negative contributions, due, mainly, to the decreases in the production of processed tobacco; non-saturated ethylene and styrene-butadiene rubber, respectively. 

 

 

Goiás

 

 

In May, the seasonally adjusted industrial production of Goiás decreased by 2.1% in relation to the immediately previous month, after increasing by 3.6% in April. In comparison with similar periods in the previous year, it increased by 5.3%, by 10% in terms of the indicator accumulated in the first five months of the year and by 5.1% considering the index accumulated in twelve months, which has been on a growing trend since the beginning of the year.

 

Compared to May 2007 (5.3%), there were increases in four of the five subsectors of industry. Food products and beverages represented the main contribution to the formation of the overall rate, significantly by the production of mayonnaise and powdered milk. To a lower extent, other highlights were mining and quarrying (5.7%) and non-metallic minerals (2.7%) industries, especially due to the increments in: asbestos, panels, tiles and shingles. On the other hand, only chemical products (-24.5%) had negative results in this comparison, especially due to the lower production of medicines.

 

The indicator accumulated in the year increased by 10.0%, with positive rates in four subsectors. Once more, food products and beverages (11.4%) represented the main contribution to the overall rate, being followed by chemical products (13.5%) and mining and quarrying industry (16.2%), in which there was significant contribution from: mayonnaise; fertilizers and soaps; and asbestos. On the other hand, metallurgy (-5.5%) was the only negative impact, due, mainly, to the reduced production of gold bars.