Brazil Economic Activity May 2017


Brazil: Economic activity contracts in May

July 14, 2017

In May, economic activity fell 0.5% 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 contrasted April’s revised 0.1% increase (previously reported: +0.3% month-on-month) and surprised market analysts, who had expected a 0.5% increase.

On an annual basis, economic activity rose 1.4% in May, which contrasted April’s 1.7% decrease. Meanwhile, the trend improved and the annual average variation in economic activity came in at minus 2.2%, which was up from April’s minus 2.8%.

The analysts surveyed for this month’s LatinFocus Consensus Forecast expect the economy to grow 0.4% in 2017, which is unchanged from last month’s estimate. For 2018, the panel of analysts sees GDP rising 2.0%.

Author: Angela Bouzanis, Senior Economist

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