Brazil Economic Activity September 2022


Brazil: Economic activity rebounds mildly in September

November 14, 2022

Economic activity was flat in month-on-month seasonally-adjusted terms in September. The result followed August's 1.1% decrease, which had marked the worst reading since March 2021. September’s outturn surprised markets on the downside, as they had prices in a 0.2% expansion.

On an annual basis, economic activity rose at a more moderate pace of 4.0% in September (August: +5.0% yoy). Still, annual average economic activity growth rose to 2.3% in September (August: +2.1%), pointing to an improving trend.

LatinFocus Consensus Forecast panelists project GDP to grow 0.8% in 2023, which is unchanged from last month. For 2024, the panel sees GDP expanding 1.8%.


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Brazil Economic Activity Chart

Brazil Economic Activity September 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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