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Sunday, January 17, 2021

Brazilian Economic Activity Jumped in September

The Central Bank of Brazil published a survey on Friday morning that showed that the country’s economic activity rose in September for a fifth month, pointing out a solid recovery in the third quarter of this year.

The Central Bank of Brazil published a survey on Friday morning that showed that the country’s economic activity rose in September for a fifth month, pointing out a solid recovery in the third quarter of this year.

The central bank’s IBC-Br index, which is often seen as a good proxy for broader gross domestic product, rose a seasonally-adjusted 1.3 percent in September from August, above the median 1.0 percent forecast by numerous economists in Brazil. 

The central bank figures show that while it brought the cumulative increase over the third quarter to 9.5 percent, it still leaves activity 2.5 percent below its pre-pandemic level.

Economists at Citi raised their third-quarter and full-year GDP growth forecasts on the back of the central bank data. They now see third quarter’s growth domestic product rising 7.3 percent, up from 6.7 percent. “Overall, the main activity indicators (industrial production, civil construction, retail sales, services survey, etc) performed better than our expectations, triggering an upward revision,” they wrote in a note.

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