In Brazil, the economic scene in November didn't quite meet expectations, according to data from the central bank released on Friday. The IBC-Br index, a significant indicator of the country's gross domestic product (GDP), only showed a slight uptick of 0.01% from October, falling short of the 0.1% expansion that economists surveyed by Reuters had anticipated.
Adding to the concern, the central bank revised the October figures, revealing a more pronounced contraction of 0.18% from the previous month, compared to the initially reported decline of 0.06%.
Looking at the bigger picture, the non-seasonally adjusted IBC-Br recorded a growth of 2.19% over November 2022 and a 2.31% rise over the past 12 months.
This news comes after Brazil's economy experienced a robust first half of the year, propelled by the strength of the agribusiness and extractive industries. President Luiz Inacio Lula da Silva's government had implemented measures to increase household income and stimulate domestic demand, contributing to the earlier success.
However, the economic momentum started slowing down noticeably in the third quarter, with interest rates remaining relatively high despite the central bank's easing cycle that began in August. Up until now, policymakers have reduced interest rates by 200 basis points, bringing them to 11.75%, all while grappling with inflation that concluded the year at 4.62%, marking the first time it fell within the central bank's target range since 2020.
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