The central bank bumped its 2024 economic growth forecast despite the historic floods in Brazil’s southernmost state of Rio Grande do Sul that caused a significant downturn.
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Projections by the International Monetary Fund also estimate a deficit for 2024 due to the slowdown in economic activity and increased public spending.
The Brazilian Institute of Geography and Statistics (IBGE) reported growth in four out of the five subsectors tracked during the month, the exception being information and communication services.
Activity was down 1% in June from May in Brazil, and down 3.6% year-on-year in June, according to the Brazilian Institute of Geography and Statistics (IBGE).
A Brazilian Central Bank index was down 0.47% in April from March, in the fourth straight month-on-month drop.
Weakening production and employment levels continue to hamper a rebound, according to the National Confederation of Industry (CNI).
