LatinNews Daily - 18 October 2022

In brief: Brazil’s economic activity declines

* Brazil’s central bank (BCB) has released its latest economic activity index (IBC-Br) which show that the country’s economic activity dropped 1.13% in August compared to July. In year-on-year terms, economic activity was up 4.86% in August. The IBC-Br was created to anticipate the official GDP figures, which are calculated by Brazil’s national statistics institute (Ibge). Between January and August, the index was up 2.76%, and for the 12 months through August, it reached 2.08%. The BCB projects that Brazil’s GDP will grow 2.7% this year. In 2021 the country’s economy expanded 4.6% after contracting 3.9% in 2020 due to the coronavirus (Covid-19) pandemic.

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