Consumer credit recovery in Brazil rose 1.5% for the full year of 2016 from the previous year, despite a marked slow down in the final month of the year, figures released by credit research firm Boa Vista SCPC showed.

According to the firm, Brazil's nationwide credit recovery average remained relatively stable through 2016, despite regional deviations. "As a result, the economy's pattern of defaults remained unchanged, since the flow of consumer delinquency records in recent months was also relatively low," the firm said in a Jan. 18 news release.

The annual increase in credit recovery came despite the index showing a 7.6% declinein December as compared to November, and a 4.2% decline when compared to a year earlier.