Brazil Economic Activity May 2020


Brazil: Economic activity records quickest growth since June 2018 in May

July 14, 2020

Economic activity increased 1.3% month-on-month in seasonally-adjusted terms in May, swinging back from April’s 9.4% contraction. The rebound likely reflected the easing of coronavirus-related containment measures as business began to reopen and marked the strongest increase since June 2018.

On an annual basis, economic activity fell at a softer pace of 14.2% in May (April: -14.6% yoy). Meanwhile, the trend pointed down, with the annual average variation of economic activity coming in at minus 2.1% in May, down from April's minus 0.5%.

LatinFocus Consensus Forecast panelists project GDP to contract 6.7% in 2020, which is down 0.4 percentage points from last month. For 2021, the panel sees GDP expanding 3.7%.

Author:, Economist

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Brazil Economic Activity Chart

Brazil Economic Activity May 20 20

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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