Brazil Economic Activity July 2022

Brazil

Brazil: Economic activity beats expectations and grows at strongest rate in 17 months in July

September 15, 2022

Economic activity growth accelerated to 1.2% month on month in seasonally-adjusted terms in July (June: +0.9% mom). July's figure marked the best reading since February 2021. The result, took markets by surprise, as they had anticipated a mild 0.3% expansion. The improvement came amid positive developments in the labor market and the measures the government has implemented to support household consumption.

On an annual basis, economic activity rose 3.9% in July, which was better than June’s 3.0% expansion and marking the best result since August 2021. However, the trend continued to worsen, with annual average economic activity growth falling to 2.1% in July (June: +2.2%), which marked an over one-year low.

LatinFocus Consensus Forecast panelists project GDP to grow 1.9% in 2022, which is up 0.4 percentage points from last month. For 2023, the panel sees GDP expanding 0.8%.


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Brazil Economic Activity July 2022

Note: Month-on-month changes of seasonally adjusted IBC-Br (Indice de Atividade Economica do Banco Central) and annual average growth rate in %.
Source: Central Bank of Brazil.


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