The city on the beach in Brazil

Brazil Economic Activity February 2023

Brazil: Economic growth steps on the gas in February

The Brazilian economy gained notable steam halfway through Q1: Economic activity growth rebounded in February, growing 3.3% month on month in seasonally adjusted terms, which was a notable improvement from January’s 0.1% decline and the strongest increase since June 2020. The upturn, which significantly exceeded market expectations, was chiefly due to a more-robust-than-expected services sector—a large sector in the economy. The agricultural sector also contributed to the positive result.

On an annual basis, economic activity rose at a slightly softer pace of 2.8% in February, down from January’s 3.0%. Still, the trend improved modestly, with annual average growth in economic activity coming in at 3.1%, up from January’s 3.0% reading.

Meanwhile, retail sales posted a marginal month-on-month 0.1% decline on a seasonally adjusted basis in February, deteriorating sharply from January’s 3.8% expansion. Industrial production slid 0.2% month-on-month in seasonally adjusted terms in February, a slightly more moderate fall than January’s 0.3% one.

More positively, industrial output grew 1.1% month-on-month in seasonally adjusted terms in March, improving notably from February’s 0.2% decline, hinting that activity should improve in March.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest