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LatinNews Daily - 14 May 2021

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In brief: Brazil sees negative economic activity in March

* Brazil’s central bank (BCB) has released the latest figures for its monthly indicator of economic activity (IBC-Br), a proxy for GDP, according to which economic activity contracted by 1.59% in March compared with February. An overwhelming second wave of coronavirus (Covid-19) infections forced many states and cities in Brazil to reintroduce restrictions this March. However, in year-on-year terms, the IBC-Br grew 6.26%, reflecting the poor economic performance of March 2020, when the Covid-19 pandemic first hit. Overall, economic activity grew 2.27% year-on-year in the first quarter of 2021.