Brazil: Economic activity falls further in January
March 18, 2016
In January, economic activity fell 0.6% 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 more pronounced decline than December’s 0.5% fall and was worse than market analysts’ expectations of a slight expansion. In addition, the print marked the 11th consecutive month of decline as the economy remains stuck in recession.
On an annual basis, economic activity plummeted 8.1%, which was a more pronounced drop compared to December’s 6.2% fall. Meanwhile, annual average growth edged down further from December’s minus 4.0% to minus 4.5%, which marked a multi-year low.