Brazil Economic Activity


Economic activity rebounds in March

In March, economic activity rose 0.7% over the previous month in seasonally adjusted terms, according to the Central Bank's monthly indicator for economic activity (IBC-Br, Indice de Atividade Economica do Banco Central). The figure contrasted the 0.4% decline observed in February but slightly undershot market expectations of a 0.8% increase.

On an annual basis, economic activity expanded 1.2% in March, which was above the 0.4% increase tallied in February. The trend remains stable, however, with annual average growth remaining unchanged at 0.9% in March. The IBC-Br is highly correlated to the GDP series and thus represents a good proxy for economic growth.

The Central Bank expects GDP to grow 3.1% in 2013, according to its Inflation Report from March. LatinFocus Consensus Forecast panellists expect the economy to also expand 3.1% in 2013, which is down 0.1 percentage points from last month's estimate. For 2014, the panel sees GDP growth accelerating to 3.6%.


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Brazil Economic Activity Chart

Brazil Economic Activity March 2013

Note: Month-on-month (s.a.) and annual average growth of the IBC-Br (Indice de Atividade Economica do Banco Central).
Source: Central Bank of Brazil.

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