LatinNews Daily - 17 April 2023

In brief: Slow start to the year for Brazil’s services sector

* Brazil’s national statistics institute (Ibge) has released the latest figures on the services sectors, which showed that the volume of services in January contracted 3.1% compared with December, although services volume was up 6.1% in year-on-year terms. The categories which saw the greatest monthly contraction in January were transport and related services (-3.7%) and ‘other services’ (-9.9%). The drop in volume for the transport category was mainly driven by the lower volume of warehousing and storage services (-9.0%). The monthly drop in the ‘other services’ category, however, was partially explained by the fact that December 2022 registered an atypically high monthly increase (+9.4%), as financial services are included in this category and December is when end-of-year bonuses in this sector are given, thus driving up the volume registered.

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