Services sector grows 0.5% in August and has 5th consecutive increase

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The volume of service sector do Brasil grew 0.5 percent compared to July and rose 16.7 percent compared to the same month last year, reported the Brazilian Institute of Geography and Statistics (IBGE) this Thursday. This is the fifth monthly high in a row.

The sector is 4.6% above the pre-pandemic level, reaching the highest level since November 2015.

The result of August was within the estimates of analysts heard by Broadcast Projections, which predicted from stability (0.0%) to a high of 1.7%, with a positive median of 0.4%.

In comparison with August of the previous year, there was an increase of 16.7% in August 2021, already discounting the effect of inflation. In this comparison, forecasts were for an increase of 12.2% to 18.8%, with a positive median of 16.2%. The rate accumulated in 2021 was an increase of 11.5%. In 12 months, the services accumulate an increase of 5.1%.

The nominal gross revenue of the services sector rose 1.0% in August compared to July. In comparison with August 2020, there was an increase of 20.7% in nominal revenue, according to the IBGE.