Economic activity Opens in Fall Quarter

According to Serasa Experian Indicator of economic activity (GDP monthly), the third quarter of the year opened with the economy in retraction of 0.1% in July compared with the immediately preceding month. Compared with the same month last year, the retraction was 3.2% in economic activity. In this year (until July), the brazilian economic activity showed contraction of 4.4% over the same period last year. According to Serasa Experian''s economists, this drop in economic activity is a sign that the economic recession may extend for another quarter, before showing any signs of stabilization.