Brazil: Economic activity contracts for first time in eleven months in March
Economic activity decreased 1.6% in month-on-month seasonally-adjusted terms in March, which contrasted February’s 1.9% increase. March’s result marked the first decline since April 2020.
On an annual basis, economic activity rose at a quicker rate of 6.3% in March (February: +1.0% yoy), the best result since April 2013. That said, the print was partly flattered by a low base effect. Moreover, the trend improved notably, with the annual average variation of economic activity coming in at minus 3.3% in March, up from February’s minus 4.0%.