LatinNews Daily - 16 July 2024

*Brazil’s central bank (BCB) has released its economic activity index (IBC-Br) for May, used as a proxy to anticipate GDP figures, showing a 0.25% rise in activity from April and a 1.30% rise from May last year. The accumulated activity in the 12 months until May 2024 was up 1.66% compared to the previous 12-month period. Reports in the national media have expressed surprise that the IBC-Br rose in May, given the widespread concern over the economic impact of the severe flooding which devastated the major agricultural state of Rio Grande do Sul throughout the month. The national statistics institute (Ibge) had registered a monthly drop in industrial production and stagnation in services sector growth in May, but retail sales showed a monthly increase, which likely helped to compensate for the slowdown in activity in other sectors. 

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