Brazil: Economic activity declines for tenth consecutive month
February 17, 2016
In December, economic activity fell 0.5% over 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 figure was a slightly less-pronounced decline than November’s revised 0.6% fall (previously reported: -0.5% month-on-month) and beat market analysts’ expectations of a 0.6% drop. However, the print marked the tenth consecutive month of decline as the economy remains stuck in recession.
On an annual basis, economic activity plummeted 6.5%, which was a more pronounced drop compared to November’s 6.2% fall. Meanwhile, annual average growth edged down further from November’s minus 3.5% to minus 4.1%, which marked a multi-year low.