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Brazil Industrial Production Falls In February

Industrial production in Latin America’s largest economy plunged 17 percent last month compared to the same month the year before.

RIO DE JANEIRO (AP) -- Brazil's industrial production plunged 17 percent last month compared to the same month the year before.

But officials say production managed to tick up 1.8 percent in February compared to January.

The government's IBGE statistics agency says in a Wednesday report that production in the auto sector buoyed overall industrial output.

The agency says the automotive sector jumped 8.7 percent compared to January, after steep declines in sales and output late last year.

Recent tax breaks on auto sales are helping automakers.

February's 17 percent year-on-year fall compares to the 17.2-percent annual plunge seen in January.

That was the worst decline for Latin America's largest economy since record keeping began in 1991.