Brazil: Economic activity contracts in March
June 2, 2017
In March, economic activity shrank 0.4% from 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 result followed February’s revised multi-year high of 1.4% growth (previously reported: +1.3% month-on-month). The reading beat market analysts’ expectations of a sharper 1.0% contraction.
On an annual basis, economic activity rose 1.0% in March, which contrasted February’s 0.7% decrease. Meanwhile, the trend improved and the annual average variation in economic activity came in at minus 2.6%, which was up from February’s minus 3.3%.