Brazil: Economic activity contracts at sharpest pace on record in March
May 15, 2020
Economic activity declined 5.9% month-on-month in seasonally-adjusted terms in March (February: +0.4% mom) as social distancing measures implemented to contain the spread of the Covid-19 pandemic hit activity. March's reading marked the worst print since current records began in January 2003, yet it was slightly better than market expectations of a 7.0% fall.
On an annual basis, economic activity fell 1.5% in March (February: +0.6% mom). The reading marked the worst result since June 2019. Meanwhile, annual average growth was steady at February's 0.7% in March.
Author: Hanna Andersson, Economist