Brazil Real GDP Growth Analysis March 2026

Brazil's IBC-Br economic activity index contracted by 0.67% in March 2026, driven by broad-based declines in services and industry. Despite this monthly miss, the first quarter of 2026 remained relatively strong with 1.4% annual growth.

Key Takeaways

• 1.Brazil's monthly GDP indicator (IBC-Br) fell by 0.67% month-over-month in March, missing the consensus forecast of -0.4%.
• 2.The March weakness was broad-based across sectors including agriculture, industry, services, and taxes, resulting in a 0.93% decline in non-farm GDP.
• 3.Despite the March dip, overall 1Q2026 real activity grew 1.4% year-over-year, supported by strong performance in January and February.

Table of Contents

• Bottom Line
• KEY FIGURES
• DETAILS:
• Disclosure Appendix
• Global product; distributing entities
• General disclosures

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