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Brazil Annual GDP Growth at Over 3-Year Low
The Brazilian gross domestic product expanded by 1.8% from the previous year during the third quarter of 2025, slowing from the upwardly revised 2.4% growth rate in the previous year. It marked the softest expansion in over three years, reflecting the impact of the prolonged period of high interest rates by the central bank, among the highest in the world on a real basis, as large fiscal expenditure and stubborn inflation maintain a hot labor market. Output of agricultural goods soared by 10.1% and industrial output rose by 1.7%, while services grew by a softer 1.3%.
Published on 2025-12-04

Brazil Annual GDP Growth Falls to 3-Year Low
The Brazilian gross domestic product expanded by 2.2% from the previous year during the second quarter of 2025, slowing from the 2.9% expansion in the previous period and loosely aligned with market expectations. The data reflected the softest growth rate in over three years, indicating an increasing impact of high interest rates from the central bank, among the highest in the world on a real basis, as stubborn inflation continued to dent purchasing power. The output and generation of utilities contracted by 4% from the previous year, while manufacturing stalled. Conversely, the agriculture and livestock output surged by 10.1%.
Published on 2025-09-02

Brazil’s GDP Growth Below Forecasts in Q1
Brazil’s economy expanded by 2.9% year-on-year in Q1 2025, down from 3.6% in the previous quarter and below market expectations of 3.2%. Growth slowed in construction (3.4% vs 5.1%), services (2.1% vs 4.7%), the public sector (0.5% vs 1.7%), and industry (2.4% vs 2.5%). In contrast, agriculture rebounded sharply (10.2% vs -1.5%) after a year of declines, while utilities also recovered (1.6% vs -3.5%). On the demand side, household consumption decelerated (2.6% vs 3.7%), as did government spending (1.1% vs 1.2%) and fixed investment (9.1% vs 9.4%). Regarding net trade, exports advanced 1.2% (vs. -0.7% in Q4), while imports grew 14% percent (vs 16% in Q4).
Published on 2025-05-30

Brazil Annual GDP Growth Unexpectedly Slows
The Brazilian economy grew by 3.6% year-on-year in the fourth quarter of 2024, slowing from a 4.0% expansion in the previous quarter and falling slightly short of market expectations of 4.1%. Output growth decelerated across both industry (2.5% vs. 3.6% in Q3) and services (3.4% vs. 4.1%), while agricultural activity contracted for the fourth consecutive quarter (-1.5% vs. -0.8%). On the demand side, household consumption eased to 3.7% (from 5.5%), government spending rose by 1.2% (down from 1.3%), and fixed investment slowed to 9.4% (from 10.8%). Net trade also had a negative impact, with exports falling 0.7% and imports surging 16.0%. For the full year of 2024, Brazil's economy grew by 3.4%, marking the strongest annual expansion since 2021.
Published on 2025-03-07

Brazil GDP Expands 4% YoY
Brazil's GDP grew 4.0% from the previous year in Q3 2024, driven by a 3.7% increase in value-added activity and a 6.4% rise in net product taxes. While agriculture contracted (-0.8%) due to lower production of key crops like corn (-11.9%) and oranges (-14.9%), industry expanded by 3.6%, led by construction (+5.7%) and manufacturing (+4.2%), supported by automotive production and other key sectors. Services grew 4.1%, with information and communication (+7.8%) and other services (+6.4%) showing strong growth. Household consumption rose 5.5%, driven by government programs and labor market improvements, while government spending increased 1.3%. Investment surged 10.8%, reflecting higher capital goods production, software development, and construction activity. Externally, exports increased 2.1%, led by food products and chemicals, while imports jumped 17.7%, with strong growth in chemicals, machinery, and vehicles.
Published on 2024-12-03

Brazil GDP Expands 3.3% YoY
The Brazilian GDP expanded by 3.3% from the corresponding period of the previous year in the second quarter of 2024, accelerating from the 2.5% increase in the first quarter, firmly above market expectations of a 2.7% increase. The result extended the stronger momentum for the Brazilian economy following the muted momentum at the end of 2023, strengthening the argument for hawks in the Brazilian central bank to deliver a rate hike. Growth was led by the services industry (3.5%) as the elevated level of government transfers stimulated consumption, with information and communication (6.1%), financial services (4%), and commerce (4%), recording the highest growth rates. The GDP also expanded for industry (3.9%), but contracted for agropecuary industries (-2.9%) due to lower prices for key agricultural commodities that Brazil depends on. From the earlier quarter, the Brazilian GDP rose by 1.4%.
Published on 2024-09-03

Brazil GDP Misses Estimate in Q4
The Brazilian GDP expanded by 2.1% from the corresponding period of the previous year in the fourth quarter of 2023, missing market estimates of 2.2%, at a relatively consistent pace following the 2% expansion in the earlier period. Among different industries, industry and manufacturing expanded by 2.9% to be the main contributor to growth, led by strong output for extractive industries (10.8%) due to high production volumes of oil, natural gas, and iron ore. Services grew by 1.9% in the meantime, carried by financial and insurance services (5.6%) and real estate services (2.7%). On the other hand, the agricultural sector stalled as strong harvests of soybeans and sugar were offset by sharp declines in wheat (-22.8%) and oranges (-7.4%). Considering the whole year, the Brazilian GDP expanded by 2.9%.
Published on 2024-03-01

Brazil GDP Grows 2% YoY in Q3
The Brazilian economy expanded 2% year-on-year in the third quarter of 2023, the least since the first quarter of 2022, but beating forecasts of a 1.9% growth. It follows an upwardly revised 3.5% rise in the previous period. In Q3, agriculture sustained strong performance, increasing by 8.8% and extending the robust rates exceeding 20% seen in the first half of the year. There was a significant harvest of key crops such as corn, sugar cane, cotton, and coffee, and substantial gains in livestock production." Also, the industry increased by 1%, as strong gains in utilities (7.3%) and mining (7.2%) were offset by a 4.5% contraction in construction. Meanwhile, services grew by 1.8% boosted by financials and real estate. The GDP in Brazil is now 7.2% above its pre-pandemic levels in the last quarter of 2019.
Published on 2023-12-05

Brazil Economy Expands More than Expected
Brazil's GDP expanded 4% year-on-year in Q1 2023, accelerating from a 1.9% advance in the previous period and above forecasts of 3%. The services sector grew 2.9% and all service activities showed positive growth; industry rose 1.9%, with extractive industries registering the best results due to higher oil and gas extraction and iron ore mining. On the other hand, the manufacturing sector declined by 0.9%, amid decreases in the production of chemicals, metallurgy, wood products, non-metallic mineral products, and machinery and equipment. On the expenditure side, consumer spending by households increased by 3.5%, supported by real wage growth, increased credit availability, and lower inflation; government consumption went up by 1.2% and gross fixed capital formation edged up by 0.8%. For 2023, the Finance Ministry expects 1.9% growth, amid better-than-anticipated agricultural output and a stronger services sector due to government measures that increased disposable income.
Published on 2023-06-01

Brazil Economy Grows at Slowest Rate Since March 2021
The Brazilian economy expanded 1.9 percent year-on-year in the fourth quarter of 2022, following a 3.6 percent advance in the previous three-month period and below analysts’ forecasts of 2.2 percent growth. It was the slowest expansion since March 2021, as both government (0.5 percent vs. 1.0 percent in Q3) and consumer spending ( 4.3 percent vs. 4.6 percent) slowed. At the same time, gross fixed capital formation rose softer (3.5 percent vs. 5.0 percent). Regarding net trade, exports advanced 11.7 percent (8.1 percent in Q3), while imports grew 4.6 percent (10.6 percent in Q3). On a seasonally adjusted quarterly basis, the GDP contracted 0.2 percent, following a revised 1.0 percent advance in the previous period. Considering the entire 2022, the Brazilian economy grew by 2.9 percent.
Published on 2023-03-02

Brazil Economy Expands for Seventh Straight Quarter
The Brazilian economy expanded 3.6 percent year-on-year in the third quarter of 2022, following an upwardly revised 3.7 percent advance in the previous three-month period and mostly in line with market expectations. It was the seventh consecutive quarterly growth, with government spending (1.0 percent vs. 0.9 percent in Q2) and gross fixed capital formation (5.0 percent vs. 1.5 percent) increasing faster. Meantime, private consumption slowed (4.6 percent vs. 5.7 percent). Regarding net trade, exports advanced 8.1 percent (vs. -4.6 percent in Q2), while imports grew 10.6 percent (vs. -1.0 percent in Q2). On a seasonally adjusted quarterly basis, the GDP grew 0.4 percent, easing from a revised 1.0 percent advance in the previous period.
Published on 2022-12-01

Brazilian GDP Grows More than Expected
The Brazilian economy expanded 3.2% year-on-year in the second quarter of 2022, picking up from the 1.7% advance in the previous three-month period and surpassing market forecasts of a 2.8% rise. It was the sixth consecutive quarter of economic expansion, driven by a 5.3% rise in household consumption amid strong growth in real income and higher credit for Brazilian companies. Gross fixed capital formation advanced by 1.5% in the period supported by growth in construction and software development, while government expenditures expanded by 0.7%. On the other hand, net foreign demand contributed negatively to growth, as exports fell by 4.8% while imports dropped a softer 1.1%. On a seasonally adjusted quarterly basis, the GDP grew 1.2%, picking up from a 1% advance in the previous period.
Published on 2022-09-01

Brazil Economy Expands Less than Expected
The Brazilian economy advanced 1.7% year-on-year in the first quarter of 2022, picking up from a 1.6% expansion in the previous three-month period but slightly below market expectations of a 1.8% rise. It was the fifth consecutive quarter of economic expansion, driven by a 2.2% increase in household consumption amid higher demand for in-person services as Covid restrictions were relaxed. Also, government expenditure grew by 3.3%. On the other hand, gross fixed capital formation retreated by 7.2%, halting five consecutive quarters of growth amid lower levels of domestic production and imports of capital goods. Meanwhile, net trade contributed negatively to GDP growth, as goods and services imports jumped by 11%, while exports rose at a softer 8.1%. On a seasonally adjusted quarterly basis, the GDP rose 1%, picking up from a 0.7% increase in the previous period.
Published on 2022-06-02

Brazil Q4 GDP Annual Growth Above Forecasts
The Brazilian economy advanced by 1.6% year-on-year in the fourth quarter of 2021, slowing from a 4% expansion in the previous three-month period and beating market expectations of a 1.1% rise. It was the fourth consecutive quarter of economic expansion, led by services (3.3%). Meanwhile, declines were seen in industry (-1.3%) and agriculture (-0.8%). On the expenditure side, fixed investment grew 3.4%, household consumption rose 2.1% and government spending went up 2.8%. Meanwhile, net trade contributed negatively to the GDP as exports (3.3%) rose less than imports (3.7%). On a quarterly basis, the GDP rose 0.5%, following two consecutive quarters of contraction and above market estimates of a 0.1% growth. Considering the full year of 2021, the GDP grew 4.6%, the most since 2010, recovering from a 3.9% pandemic-induced contraction.
Published on 2022-03-04

Brazil GDP Annual Growth Slows in Q3
The Brazilian economy advanced by 4% year-on-year in the third quarter of 2021, slowing from a revised record 12.3% expansion in the previous three-month period and slightly below market expectations of a 4.2% rise. It was the third consecutive quarter of economic expansion.The services sector rose by 5.8% and industry grew 1.3%. Meanwhile, agricultural activity plunged 9%, amid lower production of coffee (-22.4%), cotton (-17.5%), corn (-160%), orange (-13.8%) and sugar cane (-7.6%). On the expenditure side, fixed investment grew 18.8%, household consumption rose 4.2% and government spending went up 3.5%. Meanwhile, net trade contributed negatively to the GDP as exports (4%) rose less than imports (20.6%). On a quarterly basis, the GDP shrank 0.1%, following an upwardly revised 0.4% decrease in the previous quarter and compared with market estimates of no growth.
Published on 2021-12-02

Brazil GDP Annual Growth at Record High
The Brazilian economy expanded 12.4 percent year-on-year in the second quarter of 2021, the most on record and compared with market expectations of a 12.8 percent growth, rebounding sharply from a steep fall caused by COVID-19 restrictions last year. The industry sector advanced by 17.8 percent, mainly boosted by manufacturing (25.8 percent), in particular by the production of automotive vehicles, other transport equipment, machinery and equipment, and metallurgy. In addition, services activities rose by 10.8 percent on the back of transport, storage and mail (25.3 percent) and trade (20.9 percent), while agriculture increased by 1.3 percent supported by some crop products such as soybeans and rice. On the expenditure side, fixed investment surged 32.9 percent and household consumption climbed 10.8 percent, while net trade contributed negatively to the GDP as exports rose less than imports.
Published on 2021-09-01

Brazil Economy Returns to Pre-Pandemic Levels
The Brazilian economy expanded 1% year-on-year in the first quarter of 2021, after a 1.1% contraction in the previous period and beating market estimates of a 0.8% growth. It was the first expansion since the fourth quarter of 2019, driven by industry (3% vs 1.2% in Q4), namely manufacturing (5.6% vs 5%). Also, agricultural activity rebounded sharply (5.2% vs -0.4%). Meanwhile, the services sector shrank less (-0.8% vs -2.2%), helped by trade (3.5%); transport, post & storage (1.3%); information & communication (5.5%), finance & insurance (5.1%) and real estate (3.9%). On the expenditure side, growth was mainly boosted by strong fixed investment (17%) and exports (0.8%). On a quarterly basis, the economy expanded 1.2%, slowing from a 3.2% rise in the fourth quarter and above market consensus of a 1% growth.
Published on 2021-06-01

Brazil Economy Contracts Less in Q4
The Brazilian economy shrank 1.1 percent year-on-year in the fourth quarter of 2020, after a 3.9 percent contraction in the previous period and less than an expected 1.6 percent fall. On a quarterly basis, the economy expanded 3.2 percent, following a record 7.7 percent advance in the previous period and above market consensus of a 2.8 percent growth. Both household spending (-3 percent vs -6 percent in Q3) and government spending (-4.1 percent vs -5.3 percent) decreased at a softer pace. In addition, fixed investment rebounded sharply (13.5 percent vs -7.8 percent). Meanwhile, exports fell 4.3 percent (vs -1.1 percent in Q3) and imports decreased 3.1 percent (vs -25 percent). In 2020, the economy plunged 4.1 percent, the steepest annual decline since available records began in 1996, but less than the latest government's official estimate of a 4.3 percent fall.
Published on 2021-03-03

Brazil Economy Extends Contraction for 3rd Quarter
The Brazilian economy shrank 3.9 percent year-on-year in the third quarter of 2020, following a downwardly revised 10.9 percent drop in the previous period and extending the decline for a 3rd straight quarter due to the coronavirus crisis. In Q2, exports went back to contraction (-1.1 percent vs 0.7 percent) and imports shrank at a faster pace (-25 percent vs -14.6 percent). On the other hand, slower decreases were seen for household spending (-6 percent vs -12.2 percent), government spending (-5.3 percent vs -8.5 percent) and investment (-7.8 percent vs -13.9 percent). On a quarterly basis, the economy expanded at a record 7.7 percent, following a record 9.6 percent drop in the previous period. Considering the first three quarters of the year, the GDP is 5 percent lower than in the same period of 2019.
Published on 2020-12-03

Brazilian Economy Enters Recession
The Brazilian economy shrank a record 11.4 percent year-on-year in the second quarter of 2020, following a 0.3 percent contraction in the previous period and compared with market forecasts of a 10.7 percent plunge, officially entering a recession amid the coronavirus pandemic. The services sector slumped 11.2 percent, after dropping 0.5 percent in the prior quarter, mainly transportation & storage (-20.8% vs -1.6%), trade (-14.1% vs 0.4%), public administration, health, defense & social security (-8.6% vs -0.4%) and other activities (-23.6% vs -3.4%). In addition, industrial output plunged 12.7 percent, following a 0.1% fall in the first quarter, in particular manufacturing (-20% vs -0.8%), construction (-11.1% vs -1%) and utilities (-5.8% vs -1.8%). Also, output growth slowed in the primary sector (1.2% vs 1.9%). On a quarterly basis, the economy contracted 9.7%, the most on record, following an upwardly revised 2.5% decline in the prior period.
Published on 2020-09-01