Brazil: Economic activity improves in May
July 17, 2015
In May, economic activity record zero growth 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 an improvement over April’s revised 0.9% fall (previously reported: -0.8% month-on-month), but undershot market expectations of a 0.2% expansion.
On an annual basis, economic activity fell 4.7%, which followed April’s revised 3.2% contraction (previously reported: -3.1% year-on-year). May’s figure marked the largest contraction since April 2009. Meanwhile, annual average growth fell from April’s minus 1.3% to minus 1.7% in May, the worst result since November 2009.