Rio de Janeiro – The Gross Domestic Product (GDP), the total of final goods and services produced in Brazil, grew 1.2% in the second quarter of this year compared to the previous period. The result is the fourth positive result in a row, after dropping 0.3% in the second quarter of 2021. At current rates, GDP reached BRL 2.404 trillion (about USD 466.35 billion).
The numbers, which are part of the System of Quarterly National Accounts, were released this Thursday (1), in Rio de Janeiro, by the Brazilian Institute of Geography and Statistics (IBGE). As a result, GDP increased by 2.5% in the first half of 2022.
According to the IBGE, growth in the second quarter was boosted by the 1.3% services expansion. The coordinator of National Accounts at IBGE, Rebeca Palis, informed services are weighing 70% on the economy, thus resulting in a more significant impact on this result.
Industry rose 2.2%, which was the second consecutive positive result for the sector after falling 0.9% in the fourth quarter of 2021. For the IBGE, it is the highest positive rate for the industry since the third quarter of 2020 (14.7%).
After a 0.9% decline in the last quarter, agriculture slipped 0.5% in the second quarter of 2022. According to Rebeca Palis, the sector is significantly linked to seasonality and, in the semester, has been falling, pulled by the contraction in soybean production, the leading crop.
Household consumption increased by 2.6% in the second quarter. The percentage is the highest since the fourth quarter of 2020 when it reached 3.1%. In contrast, government spending fell 0.9%, after showing stability in the previous quarter, when it reported a 0.1% drop.
Translated by Elúsio Brasileiro
