Brazil's service sector shows 9.2% increase in May

By Ovunc Kutlu

ANKARA (AA) - Brazil's service sector grew annually to 9.2% in May, above market expectations, according to data released Tuesday by the country's Institute of Geography and Statistics (IBGE).

While the estimate for the figure was to show a gain of 8.5%, it posted an increase of 9.4% in April.

On a monthly basis, the service sector volume rose 0.9%, compared to April.

The monthly figure also came in above estimates of a 0.2% gain, while the service sector contracted 0.1% in April from the previous month.

Accommodation and food services showed the highest monthly gain in May with a 42% increase, according to IBGE data.

Air transport recorded the largest annual increase with a 68.2% gain.