Domestic demand – Positive results in August, with GFI surprising to the upside

  • GFI grew 1.9% m/m (+6.5% y/y), supported by both machinery and equipment (2.6%) and construction (0.3%)

  • Consumption rose 0.7% m/m (+8.0% y/y) gaining momentum, specially from services (1.5%)

  • Ahead, we see more risks for GFI, noting high inflation and financing costs, but consumption could remain to the upside

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