The IBC-Br economic activity index, a leading measure of Gross Domestic Product, fell by 0.4% seasonally adjusted in October, compared to the average forecast of a 0.2% decline in a Reuters poll of economists.
Economic data for October showed contractions in service activity, retail sales and industrial production amid high inflation that the central bank seeks to combat with aggressive monetary tightening.
Analysts said that rising borrowing costs will affect the economy through 2022. This year there have already been growing signs of weakness, with a slight economic recession in the second and third quarters.
The IBC-Br index has lost 1.5% on a seasonally adjusted basis since October 2020, according to the central bank.
The measure rose 4.99% in the first 10 months of the year on a seasonally adjusted basis, while in the 12 months to October, it rose 4.19%.
The central bank also revised its IBC-Br data for September to record a 0.46% decline, compared to the 0.27% drop initially reported.
Source From: Ambito
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