LatinNews Daily - 15 October 2020

* Brazil’s national statistics institute (Ibge) has released its latest figures on the services sector, which show that the volume of services increased in August (compared with July) for the third consecutive month. The volume of services grew by 2.9% in August, accumulating 11.2% growth between June and August, following a 19.8% fall between February and May, largely driven by the coronavirus (Covid-19) pandemic. In annual terms, the services sector fell 10% in August, compared with the same month in 2019. Rodrigo Lobo, manager of the Ibge’s research on services, notes that the services sector (which accounts for 70% of Brazil’s GDP) is recovering more slowly than trade and industry due to the fact that parts of the sector’s activities – such as the hospitality and travel industry – require in-person consumption, something which many are still reluctant to do.

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