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The
figures appear to back up the central bank's statement on
Wednesday accompanying its decision to cut interest rates to a
new low of 4.50% that "economic activity since the second
quarter indicates that the process of economic recovery picked
up relative to the first quarter."
Services sector activity rose a seasonally adjusted 0.8% in
October from the previous month, according to government
statistics agency IBGE, the second consecutive solid increase
and far stronger than the no-change economists had expected.
Four of the five broad segments of activity tracked by IBGE
showed an expansion in activity, with the biggest rise being the
1.8% increase in information and communication services.
On a non-seasonally adjusted basis, activity in October jumped
2.4% compared with the same month last year, IBGE said, also
more than the 1.4% median increase economists in a Reuters poll
had predicted.
The figures brought growth in the first 10 months of the year up
to 0.8%, marking a steady increase from 0.6% in the
January-September period and 0.5% in the January-August period,
IBGE said.
Similarly, service sector growth in the 12 months to October
rose to 0.8% from 0.7% in the 12 months to September and 0.5% in
the year to August.
The data also runs counter to purchasing managers index figures
that showed that growth in Brazil's services sector slowed in
October to its weakest in four months.
(Reporting by Jamie McGeever; Editing by Catherine Evans and
Steve Orlofsky)
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