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13 Aug 2019, Radoslav Yordanov, EMIS Editor

Brazil’s economic activity down 1.75% y/y in June

Brazil’s economic activity fell 1.75% year-on-year in June, worsening compared to the 4.85% hike scored in May, CEEMarketWatch reported citing figures released by the central bank BCB. 

The decline was caused by working-day effects which affected industrial production and retail sales. With all this, country’s economic activity increased only 0.62% y/y during the first half of 2019.

On the positive side, the local economy grew 0.30% m/m in June, exceeding the consensus expectation for a 0.10% expansion. CEEMarketWatch commented that the eventual approval of the pension reform, the current control of inflation and the expected interest rates cut to a record low of 6% could boost Brazil’s economic activity in H2. 

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Original source: CEEMarketWatch