Canada markets close in 1 hour 46 minutes
  • S&P/TSX

    20,392.59
    +62.86 (+0.31%)
     
  • S&P 500

    4,420.93
    +18.27 (+0.41%)
     
  • DOW

    34,982.21
    +189.54 (+0.54%)
     
  • CAD/USD

    0.8001
    +0.0029 (+0.37%)
     
  • CRUDE OIL

    68.90
    +0.75 (+1.10%)
     
  • BTC-CAD

    50,756.53
    +777.79 (+1.56%)
     
  • CMC Crypto 200

    999.98
    +24.08 (+2.47%)
     
  • GOLD FUTURES

    1,806.50
    -8.00 (-0.44%)
     
  • RUSSELL 2000

    2,231.11
    +34.79 (+1.58%)
     
  • 10-Yr Bond

    1.2190
    +0.0350 (+2.96%)
     
  • NASDAQ

    14,881.17
    +100.64 (+0.68%)
     
  • VOLATILITY

    17.26
    -0.71 (-3.95%)
     
  • FTSE

    7,120.43
    -3.43 (-0.05%)
     
  • NIKKEI 225

    27,728.12
    +144.04 (+0.52%)
     
  • CAD/EUR

    0.6756
    +0.0024 (+0.36%)
     

UPDATE 1-Brazil economic activity back above pre-pandemic levels in April

·2 min read

(Adds detail about the April figures, economic context, chart)

By Jamie McGeever

BRASILIA, June 14 (Reuters) - Economic activity in Brazil rebounded in April from a rare fall the month before, a central bank index showed on Monday, marking a firm start to the second quarter although not quite as strong as economists had expected.

The central bank's IBC-Br economic activity index, a leading indicator of gross domestic product, rose a seasonally adjusted 0.44% in April, less than the 0.55% rise economists in a Reuters poll had forecast.

By this measure, activity in Latin America's largest economy is a fraction higher than it was pre-pandemic in February last year.

The seasonally adjusted index in April stood at 139.65, just above the 139.35 seen in February last year before the COVID-19 pandemic brought the economy to a standstill and caused the biggest annual decline in activity since 1990.

Upbeat economic data in recent months have triggered a wave of upward forecast revisions. Economists now expect the economy to expand by almost 5% this year, according to a central bank survey on Monday.

Going by the IBC-Br activity index, however, Brazil's economy is still 6% smaller than it was at its peak in December 2013, on a seasonally adjusted basis.

The IBC-Br index was up 15.9% on a non-seasonally adjusted basis from April 2020, the central bank said, reflecting the scale of the economic downturn when the pandemic first struck.

The index was up 4.77% in the first four months of the year on a non-seasonally adjusted basis, while in the 12 months through April the index was down 1.2%, the central bank said.

(Reporting by Jamie McGeever Editing by Gareth Jones and Giles Elgood)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting