Brazil's economic activity down 0.7% y/y in August
Brazil's economic activity fell 0.73% year-on-year in August, sharply worsening compared to the 1.62% y/y hike recorded in July, CEEMarketWatch reported reffering to figures released by the central bank BCB.
The decline is mainly explained by a calendar effect, since August had one fewer working day than the same month in 2018. Despite the decrease, activity increased 0.66% y/y during the first eight months of 2019.
Moreover, the local economy rose 0.07% m/m in August, below the market expectation for 0.1% m/m growth. The Brazilian government estimates that country's GDP will expand only 0.9% this year.
Original source: CEEMarketWatch