Service activity in Brazil grew more than expected in May, paring some of the losses seen in Brazil, data from statistics agency IBGE showed.
“The services sector, which represents about 70% of all activity in Brazil, rose by 0.9% in May on a monthly basis,” IBGE said.
Brazil’s services sector has alternated between highs and lows this year, with increases reaching 1.3% in March and falling 3.4% in January as interest rates remained at a six-year high of 13.75%, according to “reuters.”
Services activity rose 4.7% in May year over year.
