Brazil: Economic activity plummets in May
In May, economic activity plunged 3.3% from the previous month in seasonally-adjusted terms, according to the Central Bank’s monthly indicator for economic activity (IBC-Br, Indice de Atividade Economica do Banco Central). The result contrasted April’s 0.5% expansion and marked the worst drop on record. A nationwide truckers’ strike which halted economic activity was chiefly behind the downturn.
On an annual basis, economic activity fell 2.9% in May, contrasting April’s 3.7% rise. Annual average growth in economic activity fell from 1.5% in April to 1.1% in May.