Brazil Economic Activity


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.

LatinFocus Consensus Forecast panelists expect the economy to contract 1.6% in 2015, which is down 0.2 percentage points from last month’s estimate. For 2016, the panel sees GDP growing 0.5%.

Author: Angela Bouzanis, Senior Economist

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Brazil Economic Activity Chart

Brazil Economic Activity May 2015

Note: Month-on-month changes of seasonally adjusted IBC-Br (Indice de Atividade Economica do Banco Central) and annual average growth rate in %.
Source: Central Bank of Brazil.

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