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Brazil Economic Activity March 2021

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%.

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