Brazil Economic Activity May 2021


Brazil: Economic activity declines in May

July 14, 2021

Economic activity fell 0.4% in month-on-month seasonally-adjusted terms in May, which contrasted April's 0.9% increase. The print surprised market analysts, who had expected a 1.0% rise.

On an annual basis, economic activity rose at a softer pace of 14.2% in May (April: +16.4% year-on-year). Meanwhile, the trend improved, with the annual average variation of economic activity coming in at plus 1.1% in May, contrasting April's minus 1.1%.

LatinFocus Consensus Forecast panelists project GDP to grow 4.8% in 2021, which is up 0.5 percentage points from last month. For 2022, the panel sees GDP expanding 2.3%.


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Brazil Economic Activity Chart

Brazil Economic Activity May 2021

Note: Month-on-month changes of seasonally adjusted IBC-Br (Indice de Atividade Economica do Banco Central) and annual average growth rate in %.
Source: Central Bank of Brazil.

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