Brazil’s Economy Beats Forecasts in October, Signals Strong 2024
- Lula’s spending boosts consumption, inflation also on the rise
- Central bank hikes rate by 100 points, pledges 200 points more
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Brazil’s economy unexpectedly grew for a third straight month in October, withstanding high interest rates that the central bank has continued to increase as it battles accelerating inflation.
The monetary authority’s economic activity index, a proxy for gross domestic product, rose 0.14% from September, above the 0.2% decline analysts estimated in a Bloomberg survey but still below the 0.88% growth recorded in the prior month. From a year ago, the gauge rose 7.31%, according to a report published Friday.