<div id="readability-page-1">BRASILIA, May 18 (Reuters) - Brazil's economic activity grew 1.3% in the first quarter from the previous three months, central bank data showed on Monday, despite a sharper-than-expected contraction in March. The IBC-Br index, a proxy for gross domestic product, fell 0.7% in March from February on a seasonally adjusted basis, compared with a 0.2% drop expected in a Reuters poll. All sectors tracked by the central bank declined, with services, the main driver of Brazil's economy, falling 0.8% from the previous month. Rafael Perez, an economist at Suno Research, said March's performance reflected a normalization after strong growth in the first two months of the year. &#34;Part of this movement reflects a high comparison base, as well as the ongoing effects of restrictive monetary policy on economic activity. Even so, the economy remained resilient in the quarter, mainly supported by growth in services and industry,&#34; he wrote in a note to clients. Perez projected that official GDP data, due to be released on May 29, will show growth of 1.0% in the first quarter from the previous three months. That was faster than the fourth quarter of last year when growth was just 0.1% quarter on quarter. The central bank data is compiled from the bank's estimates for agriculture, industry and services, as well as production-related taxes. The data for March adds to signs of an economic slowdown this year, with the central bank expected to continue its monetary easing cycle despite renewed inflationary pressures, partly driven by higher energy prices following the U.S.-Israel conflict with Iran. The IBC-Br index rose 1.8% in the 12 months through March on an unadjusted basis, and increased 3.1% from a year earlier. Economists surveyed weekly by the central bank expect economic activity to increase by 1.85% in 2026, after a 2.3% expansion last year. Policymakers have cut interest rates by 25 basis points at each of their last two meetings, bringing the benchmark rate down to 14.50%. The bank targets 3% inflation but annual inflation in Latin America's largest economy accelerated to 4.39% in April. (Reporting by Marcela Ayres; Editing by Chizu Nomiyama and Susan Fenton)</div>

易方达伊塔乌巴西IBOVESPAETF(QDII)

华夏布拉德斯科巴西伊博维斯帕ETF(QDII)

iShares MSCI巴西指数ETF

巴西的经济活动在第一季度增长了 1.3%，尽管 3 月份出现了 0.7% 的收缩，这表明经济正在降温。服务业作为一个关键部门，下降了 0.8%。经济学家拉斐尔·佩雷斯指出，这反映了在年初强劲增长后的正常化。第一季度的 GDP 增长预计为 1.0%。预计中央银行将在通胀压力下继续放宽货币政策，4 月份的年通胀率为 4.39%

Brazil growth holds in Q1, but steep March fall points to cooling

- 巴西经济活动在第一季度增长 1.3%。  
- 三月 IBC-Br 指数较二月下降 0.7%，服务业降幅达 0.8%。  
- 公布的数据显示经济增长面临放缓压力，预计 2026 年活动增长为 1.85%。

巴西第一季度的经济增长保持稳定，但三月份的急剧下降显示出经济可能正在降温