The country wants to raise industry contribution to its GDP from 12.8% in 2019 to 14.5% by 2026.
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According to an IMF report, about 80% of the target population had been at least partially vaccinated and over 70% fully vaccinated as of mid-September 2021.
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.
‘For me, there’s a new world order now,” El-Sewedy Electrometer CEO Emad El-Sewedy said during a panel of the Economic Forum Brazil & Arab Countries, which also featured New Development Bank (NDB) president Marcos Troyjo and ABCC Marketing VP Riad Younes.
The International Monetary Fund expects the Brazilian GDP to shrink by 5.8% this year. The former forecast had been 9.1%.
Brazil’s GDP shrank in H1 from the prior quarter. Agribusiness was the only sector that grew.
Impact of the crisis generated by the pandemic is expected to make the Brazilian economy remain stable in 2020, but agribusiness will grow by 2.9% as per estimates of the Central Bank.
Central Bank’s index showed a month-on-month economic growth last January.
Financial institutions polled by the Brazilian Central Bank expect inflation to be 3.20% this year in Brazil, down from last week’s 3.22% estimate.
