Brazil: Economic activity slows in May
Latest reading: Economic activity—a proxy for GDP—rose 0.1% in seasonally adjusted month-on-month terms in May, following a 0.4% rise in the previous month.
Relative to the prior month’s data, readings in May worsened for the agricultural sector (-1.0% on a seasonally adjusted month-on-month basis vs +0.1% in April) and the services sector—which accounts for roughly 60% of GDP—(+0.1% vs +0.3% in April). Finally, the variation in the industrial sector was the same as in the prior month (+0.4% in May and April).
In annual terms, economic activity rose 0.8% in May, following a 1.1% increase in the prior month.