Brazil’s service sector expanded 6.1% annually in January, according to the Brazilian Institute of Geography and Statistics (IBGE) data released on Friday.
The market expectation for the figure was to come in at 3.3%, while the volume of services grew by 6% in December 2022.
Non-real estate rentals showed the largest annual gain with 36.7%, according to the IBGE figures. However, the air transportation sector saw a contraction of 8.7%.
On a monthly basis, the service industry contracted 3.1% in January, compared to the previous month.
While the market estimate for the figure was a 0.2% gain, services volume increased 2.9% in December 2022.
Monthly, telecommunications recorded the biggest gain with 8.1%, while storage services saw a contraction of 9%.
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