RIO DE JANEIRO Ė Brazilís economic activity expanded 0.85 percent in the first 10 months of this year, compared to the same period in 2016, a sign that the South American nation is emerging from the deep recession of the past two years, the Central Bank said on Monday.
The figure comes from the Central Bankís Index of Economic Activity (IBC-Br), which is used as a preview of the gross domestic product (GDP) number released quarterly.
The IBC-Br figures confirm the expectations of government officials and private sector economists, who are forecasting GDP growth of around 1 percent for this year.
Economic activity expanded 2.92 percent in October, compared to the same month in 2016, and 0.28 percent relative to September.
In October, the IBC-Br had its best performance since February 2014 and experienced the biggest expansion in the tenth month of a year since 2012, the Central Bank said.
Brazilís economy is slowly recovering after contracting 3.8 percent in 2015, the worst performance in 25 years, and 3.6 percent last year, marking the first time since 1931 that GDP fell for two consecutive years.