Brazil's services activity beats forecasts with 1.7% rise in March
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Loading... - Luiz Gomes
- 12 May 2022
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Services activity in Brazil rose more than expected in March and at a record pace for the month, official figures showed on Thursday, marking a strong recovery from the severe downturn caused by the COVID pandemic.
Services activity increased 1.7% in March from February, more than double the 0.7% growth expected by economists according to a Reuters poll, reaching its highest level since May 2015, the government statistics agency IBGE reported.
That put the sector 7.2% above the level of February 2020, before the onset of the pandemic. All five activities surveyed in the sector expanded, with the biggest increases seen in transport at +2.7% and information and communication services at +1.7%, IBGE said.
Services activity gained 11.4% from March 2021, also above the 8.5% increase forecast in the Reuters poll.
In the first quarter, it grew 9.4% over the same period last year, rising 1.8% over the previous quarter.
Research manager Rodrigo Lobo said the weak comparison base pushed the sector higher, noting that Brazil in March 2021 faced a second wave of COVID-19 that imposed strict restrictions on mobility.
"That's why in March, in the year-over-year comparison, there are very high rates for activities like air transport, for example," he said. Read More...
