BRASILIA (Reuters) – Services activity in Brazil expanded again in May and at a faster-than-expected pace, reaping benefits from trade normalization after the severe effect of the COVID-19 pandemic.
The sector rose 0. 9% in May from last month, according to seasonally adjusted data from statistics firm IBGE, while economists polled by Reuters had expected a 0. 2% gain.
This is the 3rd positive result of the sector in the last 4 months. In April, there was a drop of 0. 1%.
Sector activity is now 8. 4% higher than in February 2020, before the pandemic, IBGE said.
The sector’s output in May increased by 9. 2% compared to the same month last year, more than the average forecast of an increase of 8. 5%.
Services account for about 70% of all activities in the Brazilian economy. Despite the most powerful recent results, it is still 2. 8% below its November 2014 peak.
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