The Brazilian GDP (Gross Domestic Product) grew 1.2% in the second quarter of 2022, compared to the immediately previous three months. The result was released this Thursday (1st) by the IBGE (Brazilian Institute of Geography and Statistics).
The variation was above the expectations of the financial market. Analysts consulted by the Bloomberg agency projected an increase of 0.9% in the median.
GDP measures the production of goods and services in the country each quarter. The advance of the indicator is usually called economic growth.
According to analysts, the second quarter of this year still showed reflections of the reopening of activities after the restrictions in the pandemic.
With the increase in the movement of people and the return of face-to-face business, there was an impulse for the provision of services, the main sector of the GDP.
In an environment marked by inflationary pressure, the Jair Bolsonaro government (PL) decided to bet on releasing resources to try to mitigate the loss of purchasing power of Brazilians on the eve of the elections.
In the second quarter, the government authorized withdrawals from FGTS (Service Time Guarantee Fund) accounts and anticipated the 13th of retirees.
Over the past few weeks, the financial market has started to project a higher than initially expected increase for GDP in 2022. The most recent forecast is for growth of 2.10%, according to the median of the weekly Focus bulletin, released by the BC (Central Bank).
As of the third quarter, influenced by the electoral dispute, a greater impact on the economy is expected from tax cuts, in addition to the effects of the expansion of social benefits, including AuxÃlio Brasil. Inflation, however, still shows signs of persistence and increases the price of products such as food, which weigh more heavily on the pockets of the poor.
Until 2023, more intense reflections of interest rate hikes are also expected. The increase in the basic rate (Selic), currently at 13.75%, challenges the recovery of consumption. Another risk comes from signs of a slowdown in the global economy.
No wonder the financial market projects a more timid advance for GDP next year. The high forecast for the accumulated is 0.37%, indicates the Focus bulletin.
The GDP release this Thursday is the last before the October elections. The performance of the Brazilian economy in the third quarter should only be known on December 1st.
CALCULATION OF GDP
Products, services, rents, utilities, taxes and even contraband. These are some of the components of GDP, calculated by the IBGE, according to international standards.
The objective is to measure the production of goods and services in the country in a given period.
The indicator shows who produces, who consumes and the income generated from that production. GDP growth (discounting inflation) is often called economic growth.
The survey is presented from the perspective of supply (what is produced) and demand (how these products and services are consumed). Quarterly GDP is released approximately 60 days after the end of the period in question.
I have over 8 years of experience in the news industry. I have worked for various news websites and have also written for a few news agencies. I mostly cover healthcare news, but I am also interested in other topics such as politics, business, and entertainment. In my free time, I enjoy writing fiction and spending time with my family and friends.
