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%.
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The International Monetary Fund has raised its growth forecast for Brazil to 1.7%. The previous report had been made public last April.
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The Gross Domestic Product of non-oil activities grew 5.7% in the first quarter of 2021. In the same period, total GDP fell.
The World Bank projects that the country’s economy will contract further, on the back of a 20.3% contraction in 2020.
The Ministry of Economy said this Wednesday (17) that it is sticking by its 2021 GDP growth forecast. Whole-year inflation expectation was revised up on the back of food prices.
An index from the Brazilian Central Bank shows activity picking up in January 2021 from December 2020 and slowing down year-on-year in January.
The country’s GDP was up 7.7% in the third quarter from the second. Economist Ecio de Farias Costa, a professor at UFPE, ran a study which shows how the aid package in response to Covid-19 played a part in that, particularly in industry.
The prediction went from 2% last April to 3.5%. However, performance is still under the impact of the pandemic, which has led to job losses in fields including retail and wholesale, manufacturing, tourism, transportation and construction.
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The International Monetary Fund expects the Brazilian GDP to shrink by 5.8% this year. The former forecast had been 9.1%.
