Rio de Janeiro – The volume of services in Brazil declined by 2.4% in October from September. It was the third consecutive month-on-month drop for the indicator, as per the Monthly Survey of Services, issued this Wednesday (14) by the Brazilian Institute of Geography and Statistics (IBGE). The services sector had slowed by 0.3% in September and by 1.6% in August.
In October from October 2015, the volume of services was down 7.6%, the highest year-on-year drop since record-keeping began in January 2012. The services sector is also down 5% year-to-date and 5.1% in the 12 months through October.
The 2.4% drop in October from September 2016 was driven by a slide in five out of six sectors tracked by the IBGE, especially transportation, auxiliary transportation and mail services, which fell by 7%.
*Translated by Gabriel Pomerancblum
