The surge in consumer spending in Brazil shown in the Q2 GDP figures released this week was partly driven by temporary government support measures. But improvements in the labour market, coupled with falling inflation, mean that household spending should hold up relatively well in the coming quarters. Elsewhere, Chileans vote in a referendum on adopting a new constitution on Sunday. Whether the charter is accepted or not, it’s clear that the state will shift towards having a much larger role in the economy.
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