Brazil's service sector grows 6.1% annually in January

ISTANBUL

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%.