BRASILIA, May 21 (Reuters) - The Brazilian central bank’s IBC-Br economic activity index dropped a seasonally adjusted 1.07 percent in March from February, the bank said on Thursday.
The index showed that the Brazilian economy contracted 0.8 percent in the first quarter versus the previous quarter.
The median estimate for March in a Reuters survey of 25 analysts was for a 0.50 percent drop.
The IBC-Br index is a gauge of activity in the farming, industry and services sectors and serves as a proxy for gross domestic product figures released later by the national statistics institute. (Reporting by Alonso Soto)