Banks estimate that the Brazilian economy will grow by 2.92% in 2023. This is the fifth week in a row of upward revisions.
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The international financial institution raised its forecast for Brazil’s economic growth in 2023. The estimate for the global economy was also raised.
The IMF improved Brazilian growth forecasts in its report published on Tuesday (31). Brazil and Mexico drove up the projections for Latin America and the Caribbean.
Brazil’s economy grew slightly from the second quarter, but it expanded 3.6% from a year earlier.
The Ministry of Economy increased the forecast for Brazilian GDP growth in 2022, from 2% in the July estimate to 2.7%.
Brazil’s Gross Domestic Product increased from April to June compared to the first three months of the year, mainly driven by the services sector. In the first half, the country grew by 2.5%.
The Brazilian Ministry of Economy revised the growth estimate for the country to 2% in 2022. The previous projection was 1.5%.
At the opening of the Brazil Investment Forum 2022, president Jair Bolsonaro and Economy minister Paulo Guedes presented Brazil as one of the most promising countries for foreign investment in the current global framework.
Official figures show Brazil’s GDP grew by 1% in the first three months of 2022 over the previous quarter and 1.7% compared to the same period in 2021.
The Institute of Applied Economic Research has revised down the Brazilian economic growth in 2021 from 4.8% to 4.5%.
Brazil’s GDP fell in comparison to the previous three months. Still, there was a 4% increase compared to 2020, the year in which the pandemic hampered economic activity.
According to a Central Bank indicator, the economy picked up in Q1 2021 from Q4 2020.
The Coincident Global Barometer from Fundação Getulio Vargas’ Brazilian Institute of Economics (Ibre/FGV) was up 4.5 points in March, primarily as a result of vaccination in Asia, the Pacific and Africa.
GDP was up in 2019, driven by investment and household expenditure, Fundação Getulio Vargas’ GDP Monitor report shows. The index is not the official GDP.
