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LatinNews Daily - 16 November 2020

In brief: Brazil’s economic activity picks up in Q3

* Brazil’s central bank (BCB) has released its indicator of economic activity (IBC-Br), a preview of economic growth, for the third quarter of the year, according to which economic activity expanded 9.47% in July-September compared with the previous quarter. In year-on-year terms, economic activity contracted by 3% in the third quarter, while the IBC-Br accumulated a negative variation of -4.93% in the first nine months of 2020. The September IBC-Br expanded 1.29% month-on-month. Following the release of this data, Economy Minister Paulo Guedes asserted that “Brazil is officially coming out of recession”, following the deep economic contraction recorded in the first quarters of the year as a result of the coronavirus (Covid-19) pandemic. 

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