According to the Monthly Survey of Services, released by IBGE today (12.09.2019), there was a 0.8% growth in the service sector between June and July 2019, in Brazil. Analysts and economists expected growth of around 0.4%. This is the best result since December 2018. However, despite this slight recovery, Brazil's services sector is still 11.8% below the record reached in May 2014 and 1.2% lower than December last year.
Another sector that posted positive numbers this week was the Commerce sector in Brazil. According to the Monthly Trade Survey, released by IBGE, retail sales in Brazil increased 1% in July, compared to June, and had the third positive month in a row. It is the best result for July since 2013 when the advance was 2.7%.
This scenario reinforces the projections that bet on more cuts in the basic interest rate in Brazil, Selic, by the Brazilian Central Bank's Monetary Policy Committee (Copom) in the coming months.
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