UPDATE 1-Economic activity in Brazil falls 0.29 pct in February

viernes 22 de abril de 2016 07:53 GYT
 

(Adds annual comparison, background)

BRASILIA, April 22 (Reuters) - A gauge of economic activity in Brazil fell in February for a 14th consecutive month, central bank data showed on Friday, underscoring a view that a deep recession in Latin America's largest economy had yet to hit bottom.

The Brazilian central bank's IBC-Br economic activity index fell 0.29 percent in February from the prior month after seasonal adjustments, the bank said.

A Reuters survey of 18 analysts forecast a 0.56 percent drop in the indicator, a gauge of activity in the farming, industry and services sectors.

The IBC-Br index is seen as an advance indicator for the gross domestic product figures released on a quarterly basis by the country's statistics agency, IBGE.

Brazil's GDP is expected to shrink 3.8 percent in 2016 for a second straight year, according to a weekly central bank poll on Monday. That would be its longest and deepest recession in more than a century.

On an annual basis, February's IBC-Br index fell 4.5 percent from February 2015, the central bank said, despite an extra day in the calendar this year. (Reporting by Silvio Cascione; Editing by Bernadette Baum)