Brazil: Economic activity declines in May
Economic activity fell 0.4% in month-on-month seasonally-adjusted terms in May, which contrasted April’s 0.9% increase. The print surprised market analysts, who had expected a 1.0% rise.
On an annual basis, economic activity rose at a softer pace of 14.2% in May (April: +16.4% year-on-year). Meanwhile, the trend improved, with the annual average variation of economic activity coming in at plus 1.1% in May, contrasting April’s minus 1.1%.