IBC-Br Falls Again in October

Brazil’s IBC-Br economic activity index fell 0.2% month-on-month in December 2025, after rising 0.7% in November, but performed better than expectations of a 0.5% contraction. This marked the sharpest monthly decline since July. The drop was driven by services, which fell 0.3% after a 0.6% increase in November. Meanwhile, agriculture and livestock expanded 2.3%, rebounding from a 0.3% decline, and industrial output rose 0.3%, following a 0.8% gain in the previous month. On a non-seasonally adjusted basis, the index increased 3.1% year-on-year in December.

Brazil’s IBC-Br economic activity index rose by 0.7% month-over-month in November 2025, bouncing back from a revised 0.1% fall in October and beating market forecasts of a 0.3% growth. This marked the strongest advance since March 2025, driven by industry (0.8% vs -0.9% in October) and services (0.6% vs 0.1%). On the other hand, output decreased for agriculture and livestock (-0.3% vs 1.6%). On a non-seasonally adjusted basis, the IBC-Br rose by 1.2% over November 2024.

Brazil’s IBC-Br economic activity index fell 0.2% month-over-month in October 2025, matching the decline recorded in September. Industrial output contracted 0.7%, while services activity declined 0.2% and tax revenues fell 0.4%. In contrast, agriculture and livestock expanded 3.1%. Excluding agriculture, the IBC-Br decreased 0.3%. On a year-on-year basis, overall economic activity grew 0.4%.