Brazil: Economic activity drops for fourth month in a row in April
In April, economic activity decreased 0.5% in seasonally-adjusted month-on-month terms, according to the Central Bank’s monthly indicator for economic activity. The result followed March’s 0.3% drop and marked the fourth consecutive fall. The reading notably contrasted analysts’ predictions of a 0.2% increase and suggests that the first quarter’s weak momentum have carried over into the second quarter.
On an annual basis, economic activity contracted 0.6%, which a smaller drop than March’s revised 2.4% (previously reported: -2.5% year-on-year). Annual average growth in economic activity fell from March’s 1.1% to 0.7% in April.