LatinNews Daily - 13 April 2022

In brief: Brazil’s services sector shrinks again in February

* Brazil’s national statistics institute (Ibge) has released the latest figures on the services sector, which show that the volume of services contracted 0.2% in February compared with January. Following a reduction in the volume of services in January also, the sector has accumulated a negative performance of -2% in 2022 so far. In year-on-year terms, however, the volume of services grew 7.4% in February, underpinned by a 17.4% expansion in services to families, and 13.9% growth in transport and related services. Rodrigo Lobo, Ibge research manager, sees the services sector as still adapting to the fallout from the coronavirus (Covid-19) pandemic. Lobo identifies four different moments for the services sector since the pandemic hit in March 2020: a deep contraction followed by a rapid recovery in 2020; a deceleration in the recovery between December 2020 and August 2021; and the adaptation of the sector since September 2021, with the volume of services growing just 0.1% over the six months to February 2022.

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