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Brazil’s Monthly Activity Indicator: How Positive?
- The Brazilian central bank’s seasonally-adjusted monthly activity indicator (which tracks real GDP rather closely) rose 0.84 M/M during April, slightly above expectations, while posting a non-seasonally adjusted annual gain of 7.3% Y/Y. This is a good report. However, it only shows one side of the crosscurrents that are shaping the situation of the Brazilian economy.