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LatinNews Daily - 16 December 2021
In brief: Brazil’s economic activity contracts in October
* Brazil’s central bank (BCB) has released the latest data for monthly economic activity (IBC-Br), which recorded a negative performance in October. The IBC-Br contracted 0.40% compared with September but grew 4.19% in the 12 months to October. Coming off the back of negative Q3 GDP figures, with which Brazil entered a technical recession, this latest IBC-Br (which serves as a proxy for GDP) further tempers the economic outlook. Private sector analysts surveyed weekly by the BCB expect Brazil’s economy to grow 4.65% this year, but just 0.50% in 2022.
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