Categories contributed to the growth of the economy, which slowed down, but reached R$3 trillion in the 3rd quarter
A study released by IBGE (Brazilian Institute of Geography and Statistics) showed that the GDP (Gross Domestic Product) result in Brazil was greatly influenced by the Services and Industry sectors, with emphasis on small businesses.
The current value of GDP reached , adding up to a growth of 0.9%. The expansion rate, however, was lower than that recorded in the previous quarter, when the Brazilian economy advanced 1.4%. (Here is – 2MB).
The Services and Industry sectors stood out for their growth, 4.1% and 3.6% respectively, while Construction recorded the biggest drop, with -1.7%. The area that stood out the most was Information and Communication, which registered an increase of 2.1%. Other service activities rose 1.7%.
Additionally, the Electricity and Gas, Water, Sewage, Waste Management Activities and Extractive Industries sectors faced downturns.
The president of Sebrae, Décio Lima, commented on the economic performance given the seasonal variations in the dollar. “The growth of our GDP scares the world. In the quarter, Brazil’s GDP grew more than the United States”stated Lima.
GDP PROJECTIONS 2024
Economic activity positively surprised financial market agents. In the last Focus Bulletin for 2023, projections indicated a 1.52% increase in Brazil’s GDP in 2024. The latest estimate, released on Monday (Dec 2), was for a growth of 3.22% this year.
The Central Bank said, in September, that it expected an expansion of 3.2% in economic activity this year. The Ministry of Finance projects an increase of 3.3%.
