Brasília – Economic activity declined by 1.07% in March from February in Brazil. Year-on-year in March, the retraction was even bigger, at 2.7%. The rates are seasonally adjusted – meaning the effects of different periods of the year have been accounted for – and were announced by the Brazilian Central Bank, via the IBC-Br index, this Thursday (21st).
In the 12-month period ended March, activity was down 1.18%. The IBC-Br keeps track of how Brazil’s economy behaves. The index incorporates information on activity levels across the three sectors of economy: industry, trade, and services and agriculture. So far, the Central Bank’s official GDP projection for 2015 is for 0.5% retraction. For their part, financial institutions expect GDP to shrink by 1.2%.
*Translated by Gabriel Pomerancblum
