In May 2026, industrial production changed –0.2% compared to April, the first negative result in the year. In relation to May 2025, industry changed 0.2%, after advancing 2.7% in April. The cumulative index in the year increased by 1.4%, while in the last 12 months, it changed by 0.4%.

From April to May, three of the broad economic categories and eight out of 25 industrial sectors saw a drop in the production. Among the activities, in this same comparison, the most intense negative influences came from coke, petroleum products and biofuels (-6.1%) and mining and quarrying industries (-2.6%). Other relevant negative contributions were food products (-1.3%), textiles (-4.0%), printing and reproduction of recorded media (-8.1%) and computer equipment, electronic and optical products (-2.0%). Among the 16 activities with advances in production, pharmochemicals and pharmaceuticals (13.1%), motor vehicles, trailers and bodies (4.1%) and chemicals (3.1%) exerted the main influences. It is also worth highlighting the positive impacts of the sectors of basic metals (2.3%), manufacture of wearing apparel and accessories (4.7%), other transportation equipment (4.7%), electrical machinery and apparatus (2.6%) and machinery and equipment (1.2%).

Among the broad economic categories, still in comparison with April, semi and non-durable consumer goods (-1.3%) had the biggest decline and stepped up the negative result of April (-0.3%). Intermediate goods (-0.4%) and capital goods (-0.2%) also recorded negative rates. While durable consumer goods (3.6%) were the only positive result, offsetting the 3.1% decline in April, when it interrupted three consecutive months of expansion.

 Quarterly moving average changes 0.3% in the quarter ended in May

Still in comparison with April, the quarterly moving average changed 0.3% in the quarter ending in May. Among the broad economic categories, durable consumer goods (0.8%) and intermediate goods (0.6%) recorded the highest advances. Capital goods (0.1%) also showed a positive rate this month, after growing 1.0% in April and 2.0% in March 2026. Semi and non-durable consumer goods (-0.4%) recorded the only decline and interrupted the upward trajectory that began in July 2025.

Compared to May 2025, industrial production changes 0.2%

In comparison with the same month of the previous year, industry changed 0.2% in May 2026, with positive results in two out of four broad economic categories, eight out of 25 sectors, 27 out of 80 groups and 39.0% of the 789 products surveyed.

The activities that exerted the main positive influences were coke, petroleum products and biofuels (5.7%), mining and quarrying industries (3.1%), motor vehicles, trailers and bodies (7.3%) and pharmochemicals and pharmaceuticals (13.2%), driven, mainly, by the greater production of the items diesel fuel, ethyl alcohol, aviation kerosene and naphtha, in the first one; crude petroleum oil and natural gas, in the second one; automobiles, car pieces and vehicles for transporting goods, in the third one; and medicines, in the fourth one.

Still in the comparison with May 2025, among the 17 activities that declined, food products (-3.7%) and machinery and equipment (-9.5%) exerted the biggest influences, pressured, to a large extent, by the lower production of the items VHP, crystallized and refined sugar, chilled or frozen fillets and other fresh fish meat, fresh or chilled beef, bread, rice, food complements, vitamin and mineral supplements, frozen poultry meat and giblets, animal feed and pork  sausages and other poultry meat preparations, in the first one; and wall, window or transportable air conditioners (including those of the “split system” type), harvesting machines, centrifugal pumps, seeders, planters or fertilizers, forklift trucks, fans and hoods (exhaust fans) for industrial use, pressure reducing safety expansion valves, metal silos for cereals, agricultural tractors, machines or devices for the agricultural sector and compressors used in refrigeration devices, in the second one.

Also noteworthy are the negative impacts of the sectors of computer equipment, electronic and optical products (-8.7%), fabricated metal products (-4.0%), pulp, paper and paper products (-2.7%), leather goods, travel articles and footwear (-7.1%), textiles (-5.6%), manufacture of wearing apparel and accessories (-4.3%) and beverages (-2.6%).

Durable consumer goods and intermediate goods grow, while semi and non-durable goods and capital goods decline

Still in comparison with the same month of the previous year, durable consumer goods (1.5%) and intermediate goods (1.4%) recorded positive results among the broad economic categories. Consumer goods semi and non-durable goods (-1.1%) and capital goods (-6.7%) registered negative rates.

Durable consumer goods returned to growth (1.5%) after falling 3.1% in April. The sector was driven by a greater car production (13.9%). It is also worth highlighting the advances in the production of motorcycles (7.0%) and white (5.2%) and brown goods (1.1%). The main negative impacts were recorded by the groups of other household appliances (-17.7%) and furniture (-4.2%).

Having grown 1.4% in relation to May last year, the production of intermediate goods marked the fifth consecutive positive rate in this type of comparison. The result is mainly explained by advances in products associated with the activities of coke, petroleum products and biofuels (8.5%), mining and quarrying industries (3.1%), motor vehicles, trailers and bodies (5.1%), basic metals (1.8%), rubber and plastic products (1.5%) and chemicals (0.6%), while negative pressures were recorded by food products (-5.7%), pulp, paper and paper products (-3.8%), fabricated metal products (-2.7%), textiles (-5.1%), machinery and equipment (-2.7%) and non-metallic mineral products (-0.7%). It is also worth mentioning the negative results reported by the groups of typical inputs for civil construction (-3.4%), which recorded the 12th consecutive negative rate; and of packaging (-1.9%), which stepped up the 0.5% decline recorded in April 2026.

Semi and non-durable consumer goods receded 1.1% in May, compared to May 2025, and interrupted two consecutive months of positive rates: April (3.3%) and March (4.8%) 2026. The negative performance was explained, in large part, by the declines in the groups of food and beverages for domestic consumption (-2.4%) and of semi-durable products (-5.6%), pressured, to a large extent, by the lower production of the items wines, fresh or chilled beef, refined sugar, bread, soft drinks, rice, food complements, vitamin and mineral supplements, frozen poultry and giblets, pork sausages and other poultry meat preparations, in the first one; and of sandals and slippers made of synthetic material, women's footwear made of synthetic material and leather, children's wearing apparel and its accessories (knitted or not), long pants (knitted or not), sports shoes made of synthetic material, dresses (knitted or not), breeches, dungarees, shorts and the like (knitted or not), sets for women's use (knitted or not), wearing apparel for adult use, men's sneakers, men's leather shoes and aluminum articles for domestic use, in the second one. It is also worth highlighting the negative result recorded by the group of basic foods and beverages for domestic consumption (-37.8%), influenced by the declines in the production of fillets and other fresh, chilled or frozen fish meat and frozen fish. On the other hand, the groups of fuel (1.2%) and non-durable products (4.1%) recorded positive rates in May 2026, driven mainly by the greater production of ethyl alcohol in the first one; and medicines, cigarettes, disinfectants and soaps or powdered detergents, in the second one.

Capital goods fell 6.7% in May compared to the same month a year ago and stepped up the 4.9% drop in April. The segment was mainly influenced by the declines in the groups of capital goods for agriculture (-23.1%) and for mixed use (-19.9%). The other negative results were recorded by the groups of capital goods for industrial purposes (-4.0%) and for electricity (-1.5%). Transportation equipment (1.7%) and construction equipment (11.3%) recorded positive impacts.

Cumulative index in the year grows 1.4%

In the cumulative index in the year, compared to the same period of the previous year, industry advanced 1.4%, with positive results in three out of four broad economic categories, eight out of 25 sectors, 28 out of 80 groups and 42.1% of the 789 products surveyed.

Among the activities, the main positive influences were mining and quarrying industries (7.9%) and coke, petroleum products and biofuels (5.1%), driven, to a large extent, by the greater production of the items crude petroleum oil, pelletized or sintered iron ore and natural gas, in the first one; and ethyl alcohol, diesel fuel, aviation kerosene, naphtha and fuel oils, in the second one. It is also worth highlighting the positive contributions made by the sectors of pharmochemicals and pharmaceuticals (11.5%), motor vehicles, trailers and bodies (3.2%) and food products (1.3%).

Among the 17 declining activities, machinery and equipment (-8.8%) exerted the greatest negative impact, largely due to the lower production of wall, window or transportable air conditioners (including those of the “split system” type), machines or appliances for the agricultural sector, centrifugal pumps, harvesters, pressure-reducing safety expansion valves, fans and hoods (exhaust fans) for industrial use, agricultural tractors, metallic silos for cereals, machining centers for metal manufacturing, compressors used in refrigeration appliances and machines for cleaning and sorting grains. Other important negative influences were recorded by the sectors of chemicals (-2.2%), fabricated metal products (-4.1%), pulp, paper and paper products (-3.0%), manufacture of wearing apparel and accessories (-5.8%), leather articles, travel articles and footwear (-6.5%) and computer equipment, electronic and optical products (-3.3%).

Among the broad economic categories, the profile of results for the first five months of 2026 showed greater dynamism for intermediate goods (2.1%) and  semi and non-durable (1.5%) consumer goods, driven mainly by the expansion in the production of crude petroleum oil, diesel fuel, pelletized or sintered iron ore, natural gas and aviation kerosene, in the first one; and of ethyl alcohol, medicines and frozen poultry and giblets, in the second one. Durable consumer goods (0.6%) also showed a positive result. On the other hand, capital goods (-6.2%) registered the only negative rate, pressured, to a large extent, by the lower manufacturing of capital goods for mixed use (-15.7%), for agriculture (-16.9%) and for industrial purposes (-4.5%).

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