Year-on-year, the increase in the observed data series was
2.76%, accumulating growth of 3.08% over 12 months.
"The IBC-Br shows that we will have a very strong economic
activity in this first quarter," said Laíz Carvalho, economist
for Brazil at BNP Paribas.
February data exceeded expectations significantly, and
supports the view of robust support from the agriculture sector,
along with a more vigorous-than-anticipated services sector, she
added.
Despite the strong performance in February, there are
concerns about a significant slowdown in the Brazilian economy
this year due to high borrowing costs.
Private economists surveyed weekly by the central bank are
expecting a GDP expansion of 0.96% in 2023, down from 2.9% in
2022.
Carvalho, however, is forecasting a 1.5% growth in
Brazil's GDP this year, with a more pronounced slowdown
anticipated only in the second half of the year.
(Reporting by Marcela Ayres; Editing by Steven Grattan)
