(Bloomberg) -- Brazil’s economic activity slowed in November, as the government pared back emergency cash handouts to informal workers amid the coronavirus pandemic.
The economic activity index, which is a proxy for gross domestic product, rose 0.59% compared to the previous month, the central bank reported on Monday. From a year ago, activity dropped 0.83%.
The central bank is widely expected to hold its interest rate at a record low of 2% on Wednesday amid growth headwinds in Latin America’s largest economy. In September, the government halved monthly stipends that had supported demand before eliminating them completely last month. Still, a recent surge in inflation is expected to lead to higher borrowing costs going forward.
Read more: Brazil Central Bank Warns of Persisting Inflation, Rate Hike
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