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  "documentTitle": "Global Economics Intelligence June 2023",
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  "notes": "The slide provides a narrative overview of macroeconomic indicators for Brazil as of June 2023.",
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      "text": "Brazilian economic activity expanded in the first quarter of 2023, with GDP growing 1.9%, compared to the prior quarter's -0.1% decrease.",
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      "text": "President Lula da Silva said the Brazilian economy would grow at least 2% this year. S&P revised its credit outlook for the country to \"positive\" from \"stable\".",
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      "text": "Brazil's purchasing managers' index for manufacturing rose to 47.1 in May from 44.3 in April.",
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      "text": "In May, inflation maintained its downward trend, coming in at 3.94% (4.18% in April)—the inflation rate was below the Central Bank's upper target of 4.75% for the third consecutive month.",
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      "text": "Brazil's economic activity expanded in the first quarter of 2023, with GDP growing 1.9%, compared to the prior quarter's -0.1% decrease. The quarterly upturn was driven by an expansion in the thriving agricultural sector.",
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      "text": "Consumer confidence increased slightly to 88.2 in May, from 86.8 in April, and reached its highest level since October 2022.",
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      "text": "On the financial markets, the monthly average exchange rate in May was BRL 4.98 per US dollar, compared to 5.02 in April. The Bovespa equities index performance improved, gaining 5.5% in value for the month of May.",
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      "text": "The services PMI slightly decreased to 54.1 in May from 54.5 in April. The composite PMI rose to 52.3 in May (52.8 in April).",
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      "text": "In May, the balance of trade showed a surplus of US $11.4 billion, with exports totaling US $33.0 billion (US $27.3 billion in April) and imports reaching US $21.6 billion (US $19.1 billion in April).",
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      "text": "President Lula da Silva said the Brazilian economy would grow at least 2% this year—\"maybe even more\"",
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      "text": "Source: Haver Analytics; Instituto Brasileiro de Geografia e Estatística (IBGE)",
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