BRASILIA: Economic activity in Brazil barely expanded in February after contracting the month before, central bank data showed on Monday, suggesting the recovery hit a bump in the first months of the year.
The central bank’s economic activity index rose 0.09 percent from the month before, less than the 0.15 percent median estimate in a Reuters survey of economists.
The bank also revised the January reading to show a larger contraction of 0.65 percent, compared to the previously published 0.56 percent decline, adding to a string of weak readings on retail sales and services activity suggesting sluggish first-quarter economic growth.
In a report, JPMorgan economists said the latest batch of disappointing activity figures may prompt them to revise down their forecast for a 3.2 percent pace of economic growth in the first quarter.
