Brasília – Brazilian recession grew milder in the second quarter of this year, the Central Bank said in its quarterly-issued Boletim Regional, a breakdown of economic indicators per region of the country.
It said the relative improvement is the result of increased confidence from consumers and business owners alike, which in turn stems from the positive repercussions of economic adjustments made by the government, and the reduced impact of non-economic events that were recurrent over the past two years. By “non-economic” events, the Central Bank means the aftermath of the Operação Lava Jato corruption probe.
The Brazilian Central Bank’s Economic Activity Index (IBC-Br) slid 1% in Q2 from Q1, a “significantly smaller” contraction than in previous quarterly comparisons.
*Translated by Gabriel Pomerancblum
