Brazil: Economic activity drops again in March
In March, economic activity decreased 0.3% in seasonally-adjusted month-on-month terms, according to the Central Bank’s monthly indicator for economic activity. The result followed February’s revised 1.0% drop (previously reported: -0.7% month-on-month) and marked the third consecutive fall. Moreover, the weak print capped off a poor first quarter for the Brazilian economy and signals that GDP could have contracted on a sequential basis.
On an annual basis, economic activity plunged 2.5% in March, notably contrasting February’s revised 2.4% increase (previously reported: +2.5% year-on-year). Annual average growth in economic activity inched down from February’s 1.2% to 1.1% in March.