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Brazil GDP Inches Higher
The Brazilian gross domestic product inched higher by 0.1% from the previous quarter in the final three months of 2025, aligned with market expectations, following the downwardly revised stall in the earlier period. Private consumption stalled, consolidating the ongoing slowdown in the Brazilian economy since the second quarter of the year, aligning with the likely resumption of the Brazilian central bank's rate cuts. This was combined with a 3.5% slump in gross fixed capital formation, signaling that the period of restrictive rates by the BCB dented investment levels. In turn, these were offset by a 1% increase in government expenditure. Meanwhile, net foreign demand contributed positively to the GDP growth as exports rose 3.7%, while imports dropped by 1.8%.
Published on 2026-03-03

Brazil GDP Grows Less than Expected
The Brazilian gross domestic product expanded by 0.1% from the previous quarter in the three months to September of 2025, slowing from the downwardly revised 0.3% growth rate in the second quarter, and missing market expectations of a 0.2% expansion. It was the slowest growth rate in two years, barring the 0.1% contraction from the fourth quarter of 2024. Private expenditure inched higher by 0.1%, reflecting some impact from stubborn inflation and the prolonged period of elevated real interest rates from the central bank. Meanwhile, government expenditure jumped 1.3%, while gross fixed capital formation jumped by 0.9%. In the meantime, exports rose by 3.3%, while imports rose a softer 0.3%.
Published on 2025-12-04

Brazil GDP Expands Furter
The Brazilian gross domestic product expanded by 0.4% from the previous quarter in the three months to June of 2025, easing from the downwardly revised 1.3% in the earlier quarter, but marginally higher than market expectations of a 0.3% expansion. The expansion was led by household consumption (0.5% vs 1% in Q1 2025), extending the period of robust spending by individuals attributed to large fiscal support for households in earlier programs, which offset the high real interest rates by the central bank. In the meantime, government consumption contracted by 0.6% following an unchanged reading in Q1. In the meantime, exports rose by 0.7%, likely due to shipments of raw materials to the US as foreign companies front-loaded trade to avoid tariffs. Further, imports plunged by 2.9% to drive a strong support from net external demand to the GDP.
Published on 2025-09-02

Brazil GDP Expands Furter
The Brazilian gross domestic product expanded by 0.4% from the previous quarter in the three months to June of 2025, easing from the downwardly revised 1.3% in the earlier quarter, but marginally higher than market expectations of a 0.3% expansion. The expansion was led by household consumption (0.5% vs 1% in Q1 2025), extending the period of robust spending by individuals attributed to large fiscal support for households in earlier programs, which offset the high real interest rates by the central bank. In the meantime, government consumption contracted by 0.6% following an unchanged reading in Q1. In the meantime, exports rose by 0.7%, likely due to shipments of raw materials to the US as foreign companies front-loaded trade to avoid tariffs. Further, imports plunged by 2.9% to drive a strong support from net external demand to the GDP.
Published on 2025-09-02

Brazil Growth Picks up as Expected
The Brazilian gross domestic product expanded by 1.4% from the previous quarter in the first three months of 2025, the most in three quarters, and in line with market expectations. The sharp growth magnitude was carried by a 3.1% expansion in gross fixed capital formation, despite the restrictive interest rates set by the Central Bank of Brazil as the monetary authority attempt to tackle above-target inflation and expansionary fiscal policy. In the meantime, private consumption grew by 1%, while public expenditures nearly stalled for a 0.1% increase. From the previous year, the Brazilian GDP expanded by 2.9% in the first quarter.
Published on 2025-05-30

Brazil Q4 GDP Growth Falls Short of Expectations
The Brazilian economy grew by 0.2% quarter-on-quarter in the final three months of 2024, following a downwardly revised 0.7% expansion in the previous quarter and falling short of market expectations of 0.5%. Industrial output rose by 0.3% (vs 1.0% in Q3), driven by gains in construction (2.5%), manufacturing (0.8%), and mining (0.7%), while services saw a modest increase of 0.1% (vs 0.7% in Q3), with transportation, storage (0.4%), and trade (0.3%) contributing the most. On the demand side, increases in fixed investment (0.4% vs 2.3%) and government spending (0.6% vs 0.8%) helped offset a sharp decline in household consumption (-1.0% vs 1.3%). Net trade provided a negative contribution to GDP, with exports dropping by 1.3% and imports falling by 0.1%.
Published on 2025-03-07

Brazilian GDP Eases as Expected
Brazil's GDP grew 0.9% from the previous quarter in the three months ending September of 2024, as expected, after a 1.4% advance in Q2. Growth was driven by a strong performance in the services sector (+0.9%), followed by industry (+0.6%), while agriculture fell (-0.9%). In services, standout growth came from information and communication (+2.1%), other Services (+1.7%), financial activities (+1.5%), and real estate (+1%). Industry saw a 1.3% rise in manufacturing but declines in construction (-1.7%) and utilities (-1.4%). Household consumption rose 1.5%, government spending increased 0.8%, and investment surged 2.1%. Meanwhile, exports fell (-0.6%) while imports grew (+1%). From the corresponding period of the previous year, the Brazilian GDP rose by 4% in the third quarter of the year.
Published on 2024-12-03

Brazil GDP Grows Sharply More than Expected
The Brazilian GDP expanded by 1.4% from the previous quarter in the three months ending June of 2024, gaining traction following the upwardly revised 1% expansion in the first quarter, and well above the market consensus of a 0.9% increase. The result extended the stronger momentum for the Brazilian economy following the muted momentum in the end of 2023, strengthening the argument for hawks in the Brazilian central bank to deliver a rate hike. Private consumption rose by 1.3% amid the elevated level of government transfers in the year, aligned with the 1.3% growth in government expenditure. In the meantime, gross fixed capital formation rose by 2.1%. On the other hand, net foreign demand contributed negatively to the GDP, as imports soared by 7.6%, while lower prices for key Brazilian commodities drove exports to rise a softer 1.4%. From the corresponding period of the previous year, the Brazilian GDP rose by 3.3% in the second quarter of the year.
Published on 2024-09-03

Brazilian GDP Rebounds as Expected
The Brazilian GDP expanded by 0.8% in the first quarter of 2024, rebounding from the revised 0.1% contraction in the fourth quarter of 2023 and in line with market expectations. It reflected some traction in the Brazilian economy after two periods of muted-to-negative growth, largely due to increased government transfers in President Lula’s second year in office, which helped consumers’ spending power offset the elevated real interest rates set by the Brazilian central bank. Growth was carried by a sharp expansion in the agricultural sector (11.3%) to rebound from the contraction in the earlier quarter, although harvests fell short of last year’s records. Meanwhile, services grew by 1.4%, with government transfers lifting commerce (3%) and communication output (2.1%). On the other hand, the industrial sector notched a slight contraction (-0.1%), pressured by competition from export markets. From the previous year, the Brazilian GDP expanded by 2.5% in the first quarter.
Published on 2024-06-04

Brazilian GDP Stalls for 2nd Quarter
The Brazilian gross domestic product stalled in the fourth quarter of 2023, extending the revised third-quarter print that also reflected a stall, and missing market expectations of a 0.1% increase. It reflected the first back-to-back quarters without growth since the pandemic-driven economic crisis in the first half of 2020, strengthening the argument for doves in the Central Bank of Brazil and aligning with the central bank’s guidance of repeated rate cuts. Among different industries, the key agricultural sector plummeted by 5.3% from the third quarter, enough to fully offset the expansions for industry (1.3%) and services (0.3%). The GDP expanded by 2.1% compared to the corresponding quarter of the previous year, notching a 2.9% expansion during the whole of 2023.
Published on 2024-03-01

Brazilian Economy Escapes Contraction
The Brazilian economy unexpectedly rose 0.1% on quarter in Q3 2023, slowing sharply from a strong expansion in the first half of the year, but escaping a 0.2% contraction markets were forecasting. The industrial sector rose 0.6%, with both manufacturing and mining adding 0.1% while utilities soared 3.6%. Services also gained 0.6%, with financial, insurance (1.3%) and real estate (1.3%) recording the biggest increases. On the other hand, the output from agriculture shrank 3.3%, as the soybean crop which is the largest in Brazil, is concentrated on the first half of the year. On the demand side, both household (1.1%) and government expenditure (0.5%) increased, boosted by public income transfer programs and a continued improvement in the job market. Also, exports remained robust (3%) and imports went down (-2.1%). In contrast, gross fixed capital formation fell for a fourth consecutive quarter (-2.5%) as high interest rates continue to weigh on construction investment and capital goods.
Published on 2023-12-05

Brazilian GDP Expands More than Forecasted
The Brazilian GDP expanded by 0.9% in the second quarter of 2023, extending the downwardly revised 1.8% expansion in the first quarter and well above market expectations of a 0.3% growth rate. The result underscored the resilience of the Brazilian economy to the restrictive borrowing costs set by its central bank, which were among the highest real interest rates in the world during the period, benefiting from strong demand for Brazil’s main commodity exports. Growth was largely led by a 0.9% increase in household consumption, extending the 0.7% growth in the previous quarter, while government consumption accelerated to 0.7% growth from 0.4%. In the meantime, exports advanced by a sharp 2.9% from the previous period, while imports surged by 4.5%. Compared with the same period of the previous year, the economy expanded by 3.4%.
Published on 2023-09-01

Brazil Q1 GDP Growth Beats Forecasts
The Brazilian economy expanded 1.9 percent during the first quarter of 2023, reversing the previous period's contraction of 0.1 percent and surpassing market expectations of 1.3 percent growth. The agricultural sector played a key role in driving the expansion, with output surging by 21.6 percent, helped by a solid soybean harvest. In addition, services activity advanced by 0.6 percent, while there was a slight decline of 0.1 percent in industrial production. From the expenditure perspective, household consumption was slightly up by 0.2 percent and government spending increased by 0.3 percent. External demand also made a positive contribution to the GDP, as imports decreased more significantly than exports. By contrast, fixed investment tumbled 3.4 percent. Compared with the same period of the previous year, the economy expanded 4.0 percent.
Published on 2023-06-01

Brazil GDP Sinks 0.2% in Q4
The Brazilian economy contracted 0.2% on quarter Q4 2022, the first decline since mid-2021 and in line with expectations, as high borrowing costs started to weigh. Manufacturing shrank 1.4%, construction 0.7% and utilities 0.4% while gross fixed capital formation sank 1.1%. On the other hand, increases were seen in the farm sector (0.3%) and services (0.2%) while both private and public spending expanded 0.3% each. Net trade also made a positive contribution. Considering full 2022, the GDP grew 2.9% easing from a 5% growth in 2021. The services sector jumped 4.2% and utilities 10.1% amid more favourable fees, while the manufacturing sector contracted 0.3%, the mining one 1.7% due to lower iron ore extraction, and the farm sector went down 1.7%. Meanwhile, household spending increased 4.3% and public expenditure rose 1.5% as former President Bolsonaro boosted social expenses ahead of the election. For 2023, forecasts from a central bank poll point to a 0.8% growth.
Published on 2023-03-02

Brazilian GDP Growth Loses Some Momentum
Brazil’s gross domestic product rose 0.4 percent on quarter in the three months to September of 2022, below expectations of a 0.7 percent increase and following a downwardly revised 1.0 percent expansion in the previous period. Private consumption (1.0 percent vs. 2.1 percent in Q2) and gross fixed capital formation (2.8 percent vs. 3.8 percent) eased. Meanwhile, government spending rebounded (1.3 percent vs. -0.9 percent). Regarding net trade, exports advanced 3.6 percent (vs. -2.8 percent in Q2), while imports grew 5.8 percent (vs. 8.7 percent in Q2).
Published on 2022-12-01

Brazilian GDP Extends Growth Momentum
Brazil’s gross domestic product rose 1.2% on the quarter in the three months to June of 2022, surpassing expectations of a 0.9% increase and extending the expansionary momentum to four consecutive quarters. Growth was strongly supported by a 4.8% advance in gross fixed capital formation, rebounding from the 3% decline in the previous period. At the same time, household consumption rose by 2.6%, extending the 0.5% increase in the first quarter and marking the sharpest increase in one year. On the other hand, government expenditure contracted by 0.9%, picking up from the 0.1% drop. Meanwhile, net foreign demand contributed negatively to the GDP, as exports contracted by 2.5% and imports surged by 7.6%. On a yearly basis, the economy grew by 3.2%.
Published on 2022-09-01

Brazil GDP Growth Rate Below Expectations
Brazil’s gross domestic product rose 1% on the quarter in the three months to March of 2022, extending the expansionary momentum from the upwardly revised 0.7% increase in the previous period but missing expectations of a 1.2% rise. Growth was driven by a 0.7% advance in household consumption, expanding at a constant rate from the previous period as pandemic related restrictions continued to relax. At the same time, government expenditure was 0.1% higher, easing from the 0.9% increase in the prior quarter. Net external demand contributed positively to the GDP change, as exports gained 5% while imports were 4.6% lower. On the other hand, gross fixed capital formation fell by 3.5%, the steepest decline since Q2 of 2021. On a yearly basis, the economy grew by 1.7%.
Published on 2022-06-02

Brazil Economy Exits Recession in Q4
Brazil’s gross domestic product rose 0.5% on quarter in the three months to December 2021, following two consecutive quarters of contraction, above market expectations of a 0.1% rise and officially exiting a mild recession. The agriculture (5.8%) and services (0.5%) sectors expanded, while industry shrank (-1.2%), dragged down by manufacturing (-2.5%), mining (-2.4%) and utilities (-0.2%). By contrast, construction rose 1.5%. On the expenditure side, household spending rose 0.7%, government spending went up 0.8% and fixed investment grew 0.4%. Meanwhile, net external demand contributed negatively, as exports slumped 2.4% whereas imports increased 0.5%. On a yearly basis, the economy grew by 1.6%, following a 4% expansion in the previous period. Considering the full year of 2021, the Brazilian economy advanced 4.6%, the most since 2010, recovering from a 3.9% pandemic-induced contraction.
Published on 2022-03-04

Brazil Economy Contracts Marginally in Q3
Brazil’s gross domestic product shrank 0.1% on quarter in the three months to September 2021, following an upwardly revised 0.4% contraction in the previous period, compared to market expectations of no growth and officially entering a recession. The agricultural sector slumped 8% amid an unusual drought that disrupted grain production and coffee crops, and as the soybean harvest season ended. Meanwhile, the industry showed no growth, as expansion in construction (3.9%) was offset by declines in utilities (-1.1%); manufacturing (-1%), and mining (-0.4%). At the same time, services grew 1.1%. On the expenditure side, fixed investment shrank 0.1% and net external demand contributed negatively, as exports and imports fell 9.8% and 8.3%, respectively. Meanwhile, household consumption and government spending grew 0.9% and 0.8% respectively. On a yearly basis, the economy grew by 4%, after a record 12.3% expansion in the previous period and slightly below market expectations of a 4.2% rise.
Published on 2021-12-02

Brazil Economy Unexpectedly Contracts in Q2
Brazil’s gross domestic product shrank 0.1 percent on quarter in the three months to June 2021, ending three straight quarters of expansion and missing market expectations of 0.2 percent growth. The agriculture and industry sectors were the main drivers of the contraction, falling 2.8 percent and 0.2 percent, respectively. Among industrial activities, manufacturing production fell 2.2 percent and utilities output declined 0.9 percent. These falls were offset by a 5.3 percent increase in mining and quarrying and a 2.7 percent advance in construction. Meanwhile, services activity grew by 0.7 percent, mainly boosted by information and communication, other service activities, trade, real estate activities, and financial activities, insurance and related services. On the expenditure side, fixed investment fell sharply while household consumption was unchanged. On a yearly basis, the economy grew by 12.4 percent, the most on record but below expectations of 12.8 percent.
Published on 2021-09-01