Economic activity in Brazil expanded for a third straight month in November, the longest stretch of gains since 2014, suggesting strong momentum at the end of the year.

People walk past a store with signboards offering 70% off on store products in downtown Sao Paulo, Brazil January 9, 2018. Photo: REUTERS/Paulo Whitaker

The central bank’s economic activity index rose 0.49 percent from October after seasonal adjustments, in line with the median 0.50 percent forecast in a Reuters poll of economists. BRIBC=ECI

The figures are the latest indication that Latin America’s largest economy may have shifted up a gear at the end of 2017 after a much-awaited investments revival in the third quarter.

Brazil’s gross domestic product likely grew around 1 percent last year, snapping a two-year period of contraction as slow inflation and record low interest rates propped up consumer spending.

Economists forecast 2.8 percent growth in 2018, according to a weekly central bank survey, which would be the fastest since 2013.

Analysts nevertheless say uncertainty around this year’s presidential elections, the most wide-open in decades, could keep a lid on investments.