Brazilian economic activity began the year with growth. The Index of Economic Activity of the Central Bank (IBC-Br) seasonally adjusted (adjusted for the period) grew by 1.26% in January compared with the previous month.

Compared to January 2013, the growth was 0.93%, according to unadjusted data, since the comparison is between the same periods. In the 12 months ending in January, the expansion was 2.29%.

The IBC-Br is a way to assess the evolution of the Brazilian economy. The index incorporates information on the level of activity of the three economic sectors: industry, trade, services and agriculture.

On the 12th, the Central Bank chairman, Alexandre Tombini told investors that the pace of growth in 2014 should remain at a level close to last year. Tombini added that "the growth in 2013 was marked by a change in the composition of demand, with increased investments and moderation in household consumption."

Tombini also argued that the "advancement of investment, especially in logistics and infrastructure, coupled with the efforts of qualification of the workforce, should translate into productivity gains for the Brazilian economy." Last year, the Brazilian economy (Gross Domestic Product - GDP) grew by 2.3%, according to data from the Brazilian Institute of Geography and Statistics (IBGE).