Economic Activity: What Do The Most Recent Data Indicate?

BRAZIL ECONOMICS - Report 16 Dec 2013 by Affonso Pastore, Cristina Pinotti and Marcelo Gazzano

In the past few days two indicators of economic activity have been published: real retail sales, estimated by the IBGE; and the IBC-Br, which is the proxy for GDP estimated by the Central Bank. Both indicate growth in October in relation to September. These figures partly allay the negative picture generated by the 0.5% contraction of GDP in the third quarter, but they do not authorize any optimism. The signs are that recovery continues to be slow.

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