Brazil's Service Sector Grows 6.3% Annually In June

Brazil's service sector expanded 6.3% annually in June, according to the Brazilian Institute of Geography and Statistics (IBGE) data released on Thursday.


The market expectation for the figure was to come in at 6.1%, while the volume of services grew 9.1% in May.


Accommodation and food services showed the largest annual gain with 28.9%, followed by services provided to families with 28.2%.



However, the telecommunication sector saw a contraction of 6.1%.


On a monthly basis, the service industry expanded 0.7% in June, compared to the previous month.


While the market estimate was for a 0.5% gain, services volume increased 0.9% in May.


Monthly, other services provided to families recorded the biggest gain with 3%, followed by land transport with 2.4%.


Air transport, on the other hand, saw a contraction of 9.9%. -