* Brazil’s central bank (BCB) has released the latest data from its monthly index of economic activity (IBC-Br), a proxy for GDP, which shows that economic activity contracted by 0.43% in May compared with April. Despite this negative performance in May, and a stronger contraction in March due to a second wave of coronavirus (Covid-19) infections, the IBC-Br has accumulated a positive performance of 6.6% in 2021 so far. A day prior to the BCB releasing the May economic activity data, Brazil’s economy ministry had revised up its GDP growth forecast for the year to 5.3%, up from the 3.5% forecast in its previous macro-fiscal bulletin, published in May.
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