Even with zero chage (0.0%) in industrial production in November 2025, in the seasonally adjusted series, 8 of the 15 locations surveyed by the IBGE had positive results. Mato Grosso (7.2%) and Espírito Santo (4.4%) showed the sharpest expansions, followed 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 most significant negative results were recorded in Goiás (-6.4%), Amazonas (-2.8%), Ceará (-2.6%), Rio de Janeiro (-1.9%), Santa Catarina (-0.8%), São Paulo (-0.6%) and Pará (-0.5%).

The quarterly moving average showed a negative change of 0.1% in the quarter ended in November 2025 compared to the previous month. The sharpest declines were recorded in Pará (-1.3%), São Paulo (-1.0%), Rio de Janeiro (-0.7%) and Bahia (-0.5%). On the other hand, Mato Grosso (4.8%), Amazonas (2.8%), Espírito Santo (2.6%) and Minas Gerais (1.4%) showed the highest increases.

Compared to November 2024, the industrial sector contracted by 1.2%, with negative results in 9 of the 18 locations surveyed. The largest declines were recorded in Mato Grosso do Sul (-13.9%) and Pará (-11.6%).

National industrial production showed no change (0.0%) compared to the previous month, in the seasonally adjusted series, with positive rates in 8 of the 15 locations surveyed. Mato Grosso (7.2%) and Espírito Santo (4.4%) recorded the most significant expansions, with the former marking its fourth consecutive positive result and advancing 16.9% in this period; and the latter eliminating the 1.4% decline recorded in October 2025. 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%) completed the set of locations with positive indices in November 2025.

On the other hand, Goiás (-6.4%) showed the highest decline in that month and interrupted four consecutive months of growth in production, a period in which it accumulated a gain of 11.3%. The states of Amazonas (-2.8%), Ceará (-2.6%), Rio de Janeiro (-1.9%), Santa Catarina (-0.8%), São Paulo (-0.6%), and Pará (-0.5%) also recorded negative results in November 2025.

Also in the seasonally adjusted series, the evolution of the quarterly moving average index for total industry showed a negative change of 0.1% in the quarter ended in November 2025 compared to the previous month, after also advancing in October (0.1%), September (0.1%), and August 2025 (0.2%). In regional terms, regarding the movement of this index at the margin, seven of the fifteen locations surveyed showed negative results in that month, with the sharpest declines recorded by Pará (-1.3%), São Paulo (-1.0%), Rio de Janeiro (-0.7%), and Bahia (-0.5%). On the other hand, Mato Grosso (4.8%), Amazonas (2.8%), Espírito Santo (2.6%), and Minas Gerais (1.4%) recorded the highest increases in November 2025.

Compared to November 2024, the industrial sector showed a decline of 1.2% in November 2025, with nine of the eighteen surveyed locations 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 most pronounced 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 nad 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 group of locations with a decline in production in the monthly index for November 2025. On the other hand, Espírito Santo (36.8%) recorded double-digit growth, the highest this month, driven largely by the activity of mining nad quarrying industries (crude oil, natural gas, and pelletized or sintered iron ores). It is worth noting that Espírito Santo's result in November 2025 was largely influenced by the low base of comparison, since in November 2024, the local productive sector declined by 12.0%.

Minas Gerais (5.1%), Rio de Janeiro (3.9%), Goiás (2.6%), Bahia (1.5%), Rio Grande do Sul (0.9%), Pernambuco (0.8%) and the Northeast Region (0.4%) registered the other positive results in the monthly index for November 2025.

In the comparison between the results of the second four-month period of 2025 and the September-November 2025 period, both comparisons against the same periods of the previous year, only four of the eighteen locations surveyed showed a loss of dynamism, thus following the movement observed in the national total, which went from 0.4% to 0.1%. In regional terms, Pará (from 1.4% to -4.1%), Paraná (from -0.8% to -2.8%), Rio de Janeiro (from 7.8% to 6.0%), and Santa Catarina (from 2.2% to 2.0%) recorded losses between the two periods, while Rio Grande do Norte (from -14.4% to 2.0%), Espírito Santo (from 17.5% to 24.1%), Amazonas (from -0.5% to 4.9%), Goiás (from 1.6% to 5.7%), Mato Grosso (from -12.1% to -8.8%), Bahia (from -1.1% to 1.6%), and Minas Gerais (from 0.5% to 2.8%) showed the most significant advances.

In the year-to-date figures, there was an expansion of 0.6%, with positive results in 11 of the 18 locations surveyed. Espírito Santo (10.8%), Rio de Janeiro (4.6%), and Santa Catarina (3.4%) showed the most significant increases for the first eleven months of the year, largely driven by mining nad quarrying industries (crude oil, iron ore pellets or sintered ore, and natural gas) in the first; mining nad quarrying industries (crude oil and natural gas) in the second; and food products (frozen poultry meat and offal, fish preparations and canned fish, sausages or salami and other preparations of pork and poultry, fillets and other fresh, chilled or frozen fish meat, and frozen, fresh or chilled pork), electrical machinery, appliances and materials (transformers and switchboards, panels, cabinets and other supports equipped with electrical switching or protection devices) and machinery and equipment (lifting or conveying equipment for goods, machinery or equipment for the agricultural and livestock sector, valves, taps and registers and their parts and pieces, and freezers for industrial and commercial uses), in the latter.

Goiás (2.7%), Rio Grande do Sul (2.2%), Pará (2.2%), Minas Gerais (1.2%), Bahia (1.1%) and Amazonas (0.7%) also showed more intense positive rates than the national average (0.6%), while Paraná (0.4%) completed the set of locations with growth in production in the cumulative index for the year. On the other hand, Mato Grosso do Sul (-13.5%) and Rio Grande do Norte (-11.8%) recorded double-digit declines, the highest in the cumulative index for January-November 2025, mainly pressured by the negative performance of coke, petroleum products and biofuels (ethyl alcohol) in the first location; and coke, petroleum products and biofuels (diesel fuel and motor gasoline) in the second. Mato Grosso (-6.6%), Maranhão (-5.4%), Pernambuco (-4.4%), São Paulo (-2.4%), Ceará (-0.9%) and the Northeast Region (-0.5%) also showed negative results in the cumulative index for the eleven months of the year.

In the cumulative index for 12 months, industrial production grew 0.7%, but continued to show a loss of momentum compared to the indices of previous months. In regional terms, ten of the eighteen locations surveyed registered positive rates in November 2025, but eleven showed less dynamism compared to the indices of last October. Pará (from 4.9% to 2.2%), Mato Grosso (from -3.6% to -5.4%), Amazonas (from 2.7% to 1.3%), Mato Grosso do Sul (from -11.7% to -12.7%), Pernambuco (from -2.2% to -3.2%), Santa Catarina (from 4.5% to 3.6%), Ceará (from -0.6% to -1.4%) and Rio Grande do Norte (from -11.9% to -12.7%) recorded the main losses between October and November 2025, while Espírito Santo (from 5.3% to 9.0%) and Rio de Janeiro (from 2.7% to 3.8%) showed the sharpest gains between the two periods.