Brazil: Economic activity deteriorates in March
May 13, 2016
In March, economic activity fell 0.4% 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 decline was slightly more pronounced than February’s 0.3% fall and was worse than market analysts’ expectations of a smaller 0.1% drop. The print marked the 13th consecutive month of decline as the economy remains stuck in recession.
On an annual basis, economic activity plummeted 6.3%, which was a stark deterioration compared to February’s revised 4.7% fall (previously reported: -4.5% year-on-year). Meanwhile, annual average growth fell from February’s minus 4.7% to minus 5.3%, which marked a multi-year low.