Services sector grows 0.9% in May driven by transport

The service sector grew 0.9% in May compared to April, according to data from the Monthly Services Survey (PMS), released this Wednesday morning (12). The survey by the Brazilian Institute of Geography and Statistics (IBGE) shows a slight improvement compared to the previous month, which had a drop of 1.5%.

Despite the recovery in May, the sector is 2% below the highest point in the IBGE historical series, reached in December 2022. The transport sector was the one that most helped to push the monthly result upwards, with an increase of 2 ,two%.

“Cargo and passenger transport increased during the month. Already from the perspective of the modal, the main impacts for the positive result came from the cargo road, the passenger air and the cargo waterway”, explains Rodrigo Lobo, research manager.

This performance was a reflection of agricultural activity, which has been one of the main drivers of the Brazilian economy, with emphasis on the record grain harvest.

“This impact is not new. From May 2020, still at the beginning of the Covid-19 pandemic, there was an important growth in this sector, very much linked to the increase in agricultural production”, said the manager.

In the year, the sector that includes activities such as retail trade, transport, real estate, tourism and food, increased by 4.8%. In 12 months, the positive balance is 6.4%.