Brazil: Economic activity continues to rise in November
January 16, 2013
In November, economic activity rose 0.4% 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 mirrored the result observed in October and was above market expectations of a 0.2% rise.
On an annual basis, economic activity expanded 2.8% in November, which was below the 5.0% increase observed in October. However, the trend points upwards, with annual average growth edging up from 1.5% in October to 1.7% in November. The IBC-Br is highly correlated to the GDP series and thus represents a good proxy for economic growth.