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Brazil Economic Activity August 2022

Brazil: Economic activity records largest drop in 17 months in August

Economic activity slid 1.1% month on month in seasonally adjusted terms in August, contrasting markedly the prior month’s 1.7% expansion, which had marked a 17-month high. August’s figure marked the worst reading since March 2021. The downturn surprised markets on the downside, as a smaller decline had been priced in. The slump in industrial and retail activities was partly offset by a booming services sector, which avoided a sharper contraction.

On an annual basis, economic activity rose 4.9% in August, which was above July’s 4.0% expansion and marking the best result since July 2021. Meanwhile, the trend was unchanged, with the annual average growth of economic activity coming in at July’s 2.1% in August.

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