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15 Oct 2019, Radoslav Yordanov, EMIS Editor

Brazil's economic activity down 0.7% y/y in August

Brazil's economic activity fell 0.73% year-on-year in August, sharply worsening compared to the 1.62% y/y hike recorded in July, CEEMarketWatch reported reffering to figures released by the central bank BCB. 

The decline is mainly explained by a calendar effect, since August had one fewer working day than the same month in 2018. Despite the decrease, activity increased 0.66% y/y during the first eight months of 2019. 

Moreover, the local economy rose 0.07% m/m in August, below the market expectation for 0.1% m/m growth. The Brazilian government estimates that country's GDP will expand only 0.9% this year.

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Original source: CEEMarketWatch