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Financial News: Brazil Services Growth Hits 7-Month High

Brazil Services Growth Hits 7-Month High

02/05/2024 - 09:25:00 (RTTNews)

(RTTNews) - Brazil's service sector activity expanded at the fastest pace in seven months in January amid favourable demand conditions and a positive outlook, survey results published by S&P Global showed on Monday.

The seasonally adjusted S&P Global Brazil Services Business Activity Index rose to 53.1 in January from 50.5 in the previous month. A score above 50 indicates expansion.

Growth in new orders logged the quickest since mid-2023 on the back of greater investment at clients, demand strength, and the approval of quotes.

In January, service employment was boosted by favourable sales developments, staff readjustment, and optimistic growth projections. The rate of job creation was the fastest in five months.

On the price front, input price inflation remained strong in January amid higher costs for food, fuel, and utilities. As a result, selling prices also increased sharply compared to December.

Looking ahead, Brazilian service providers remained optimistic about growth prospects, with expectations of better economic conditions and the release of industrial investment underpinning positive forecasts.

The composite output index climbed to 53.2 in January from 50.0 in December, indicating the strongest private sector growth in fifteen months.

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