Brazil Economic Activity April 2020


Brazil: Economy contracts at sharpest pace on record in April

June 18, 2020

Economic activity dropped 9.7% month-on-month in seasonally-adjusted terms in April (March: -6.2% mom) as coronavirus induced social isolation measures continued to dent activity. April's result marked the steepest contraction since current records began in February 2003; however, the result was slightly better than market expectations of a 11.0% drop.

On an annual basis, economic activity plunged 15.1% in April, which was well below March’s 1.8% fall, marking the worst print on record. Accordingly, the trend pointed down, with the annual average variation of economic activity coming in at minus 0.5% in April, contrasting March's plus 0.7% reading.

LatinFocus Consensus Forecast panelists project GDP to contract 6.3% in 2020, which is down 1.5 percentage points from last month. For 2021, the panel sees GDP expanding 3.4%.

Author:, Economist

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Brazil Economic Activity Chart

Brazil Economic Activity April 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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