Demand for consumer credit in Brazil fell 8.1% in February from the previous month on a seasonally adjusted basis, but grew 8.0% compared to a year earlier, credit research firm Boa Vista SCPC said.
The February results follow an improvement in demand in the previous month, when the indicator advanced 9.1% year over year and 5.4% from December 2017.
In the 12 months through February, consumer credit demand edged 2.8% higher from the same period a year ago, according to Boa Vista. During this period, credit demand from the indicator's financial segment grew 2.9% while the nonfinancial segment increased 2.4%.
The gradual recovery of Brazil's economy should help boost consumption in the country, which, together with improving interest rate and inflation prospects, will likely raise demand for credit going forward, the firm said.