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Investing.com -- Brazil’s economic activity unexpectedly declined in May, according to central bank data released Monday.
The IBC-Br index, which serves as a leading indicator of gross domestic product (GDP), fell 0.7% in May from April on a seasonally adjusted basis.
This result came in significantly below economists’ expectations, which had projected a flat reading for the month.
The decline was primarily driven by a sharp 4.2% drop in agricultural output.
The farm sector typically shows stronger performance during the earlier months of the year in Latin America’s largest economy.
Beyond agriculture, the broader economic slowdown was also influenced by declines in tax revenue and industrial output during the period.
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