Economic activity fell back by 0.51% in May compared to the previous month, the Central Bank said Friday in releasing its monthly Economic Activity Index (IBC-Br). But May’s economic activity advanced 1.4% against May of 2016. In April, economic activity showed a 0.15% gain over the previous month. Brazil’s economy is experiencing a rocky recovery from two years of recession, with inflation and interest rates declining but unemployment remaining stubbornly high. Economists are forecasting modest growth for calendar 2017 of about 0.5% after two years of sharp decline.
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