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