UPDATE 1-Brazil services activity grows less than expected in December

The Brazilian services sector grew less than expected in December but still closed 2023 with gains for the third year in a row, despite a sharp loss in momentum. In December, the sector saw a 0.3% rise in volume compared to the previous month, according to data released on Friday by the Brazilian Institute of Geography and Statistics (IBGE), below expectations in a Reuters poll of a 0.7% rise. The sector ended 2023 with accumulated growth of 2.3% in volume, losing momentum after growth of 10.9% and 8.3% respectively in 2021 and 2022, the years in which the country recovered from the COVID-19 pandemic.