Brazil GDP


Growth continues to disappoint in the third quarter

In the third quarter, GDP increased 0.6% over the previous quarter in seasonally adjusted terms. The figure was above the 0.2% expansion observed in the second quarter (previously reported: +0.4% quarter-on-quarter) but came in well below market expectations of a 1.2% rise. Compared to the same quarter last year, the economy added 0.9%, up from the 0.5% increase tallied in Q2 and below market expectations of a 1.9% rise. On the domestic side, private consumption expanded 0.9% over the previous quarter (Q2: +0.7% qoq), while government consumption added a meagre 0.1% (Q2: +1.0% qoq). Fixed investment, on the other hand, fell for the fifth consecutive quarter and contracted 2.0% (Q2: -1.6% qoq), the largest drop in more than three years. On the external side of the economy, exports of goods and services rose 0.2%, which contrasted the 3.5% decline seen in Q2. Imports, however, declined 6.5% (Q2: -1.5% qoq).


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Brazil GDP Chart

Brazil GDP Q3 2012

Note: Quarter-on-quarter changes of seasonally adjusted GDP and year-on-year variation %.
Source: Brazil Institute of Geography and Statistics (IBGE) and LatinFocus Consensus Forecast.

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