Emptied streets in São Paulo as new restrictive measures are enforced. Photo: Nelson Antoine/Shutterstock
The Brazilian Central Bank’s economic activity index (IBC-Br) rose by 1.04 percent in January from December, outstripping the recovery forecast of 0.5 percent. The IBC-Br is considered to be a reliable predictor of GDP activity.
However, it is important to note that January numbers may not reflect the current situation, as they do not factor in the impact of recently renewed lockdown measures.
The monetary authority improved its expectations for December’s performance, from 0.64 percent up to 0.71 percent. Despite the improvement, the Brazilian economy has fallen 4.04 percent over the past 12 months.
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