The IBC-Br economic activity index, considered a leading indicator of gross domestic product, increased by a seasonally adjusted 0.4%, matching expectations from analysts polled by Reuters, and following a revised 0.52% increase in January.

Recent official data revealed unexpected growth in the retail sector in February, while the services sector and industrial output surprisingly dropped in Brazil.

Meanwhile, the largest economy in Latin America created a net 306,111 formal jobs in February, beating estimates.

On a non-seasonally adjusted basis, the IBC-Br expanded by 2.59% since February of last year and grew by 2.34% on a 12-month basis.