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LatinNews Daily - 13 May 2020

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In brief: Brazil’s services sector takes a hit in March

* Brazil’s national statistics institute (Ibge) has released the latest figures for the services sector, according to which the level of activity fell by a monthly 6.9% in March 2020, and recorded a 2.7% drop year-on-year. This is the services sector’s worst monthly performance since the Ibge’s series began in 2011. The Ibge notes that this downturn is a consequence of the isolation measures taken to contain the advance of the coronavirus (Covid-19) in the country, which began to take effect in the last ten days of March. “This drop is largely driven by the paralysis in businesses, especially in restaurants and hotels, which are part of services provided to families”, Ibge’s research manager Rodrigo Lobo said, citing the air transport and passenger road transport categories as other areas which have been badly hit.