Brazilian economy drops 0.8% in May, says FGV

Household consumption plummeted in May; economic activity rose 4.4% against the same month in 2021.

The Brazilian economy shrank 0.8% in May against April, considering the seasonally adjusted series - a kind of compensation to compare different months of the year.

The FGV-GDP Monitor calculated the percentage. The Getulio Vargas Foundation (FGV) released the report this Monday, July 18.

The drop in economic activity was registered after three consecutive months of growth. According to the research coordinator, Juliana Trece, the industry contributed to the worsening result. Household consumption also fell.

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