Brazil’s GDP grows in the second quarter and has a high forecast for 2023

According to the Brazilian Institute of Geography and Statistics (IBGE) Brazil’s Gross Domestic Product (GDP) grew 1.2% in the 2nd quarter of 2022 compared to the previous three months. In the same quarter, last year, the increase was 3.2%.

The increase in GDP marks the fourth consecutive quarter of growth in economic activity in the country and was stimulated by the return of the service sector, according to the IBGE. In values, it reached R$ 2.4 trillion and according to the Focus bulletin, released on Monday, September 5, GDP is expected to increase in 2023, reaching 2.26%.

Rebeca Palis, coordinator of National Accounts at the IBGE says that the growth of commerce, the release of emergency withdrawals from the FGTS and the improvement in the job market directly impacted consumption, which also directly impacts GDP.