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Financial News: BRAZIL: Economic Activity Index Falls More Than Expected

BRAZIL: Economic Activity Index Falls More Than Expected In August

10/18/2017 - 15:53:00 (RTTNews)

(RTTNews) - The Brazilian economic activity index (IBC-Br), which acts as a proxy for the country's GDP, fell 0.38% in August compared to July, to 135.05 points, receding from the highest level of the year. Analysts expected a 0.25% decrease.

Year-to-date, the indicator rose 0.42%, but fell 0.89% in the 12 months through August. On an annual basis, however, the Brazilian economic activity index increased by 1.64, also below the estimates (+2%).

"The recovery of the Brazilian economy seems not to be at risk, as pointed out by carry-over estimate not only for 2017 but for 2018 as well", said Jankiel Santos and Flávio Serrano, economists at Haitong, in a report.

"However, contrasting with the recent upbeat wave of reviews, latest figures still hint at a gradual pace for the revival, which should ensure the maintenance of an accommodative stance of the monetary policy for a relatively long period of time," they added.

Mauricio Oreng, the senior Brazil strategist at Rabobank, stated that the activity data seems consistent with the expectation for a gradual economic recovery.

"We look for GDP growth of 0.6% this year and 2.0% next year," he said.

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