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Financial News: Brazil Service Sector Maintains Strong Growth Momentum

Brazil Service Sector Maintains Strong Growth Momentum

05/04/2022 - 12:24:00 (RTTNews)

(RTTNews) - Brazil's service sector activity remained strong at the start of the second quarter, driven by sharpest growth of business activity in almost fifteen years on the back of robust domestic demand amid the rollback of pandemic restrictions, survey data from S&P Global showed on Wednesday.

The seasonally adjusted services business activity index rose to 60.6 in April from 58.1 in March. A reading above 50 indicates expansion in the sector.

The recent upturn was contributed by the lifting of Covid -19 restrictions, favorable public policy and further recovery in demand. Input price inflation remained sharp in April as companies paid more prices for fuel, materials, transportation and utilities. A strong US dollar was also cited as a factor boosting expenses.

Improved demand conditions forced companies to add workforce numbers and employment rose for the eleventh month running, and at the quickest pace since June 2007.

The stronger services activity helped push growth of Brazilian private sector output to the highest rate since October 2007, with the composite PMI rising to 58.5 in April from 56.6 in March.

Looking ahead, service providers were strongly upbeat towards the outlook for business activity and the sentiment climbed to a seven-month high in April.

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