Brazil: Economic activity rebounds to six-year high in July
September 12, 2014
In July, economic activity rose 1.5% 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 marked a rebound from the 1.5% contraction tallied in June and represented the largest increase since June 2008. The result came in well above market expectations of economic activity increasing 0.8%.
On an annual basis, economic activity contracted 0.2% in July, which was softer than the 2.1% drop tallied in June. Meanwhile, annual average growth fell from 1.5% in June to 1.2% in July, which is the lowest level since March 2013.