Brazil’s economic activity continued to slow in May

The Central Bank’s economic activity index (IBC-Br), a reliable bellwether for Brazilian GDP data, increased by 0.25 percent in May and fell short of the market consensus of 0.3 percent. This marks the second consecutive underwhelming monthly result for the economy, following 0.01 percent growth in April. In the past 12 months, the IBC-Br has
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