Services sector closes 2022 with an increase of 8.3% and breaks a record

The volume of the service sector closed the year 2022 with an accumulated increase of 8.3% in Brazil, reported this Friday (10) the IBGE (Brazilian Institute of Geography and Statistics).

With the result, it reached a record level in the historical series, which started in 2011. The segment also increased the gap in relation to the pre-pandemic level. It is 14.4% above February 2020, the period before the health crisis.

In the monthly comparison, the segment rose 3.1% in December, compared to November. The data came in above market projections. Analysts polled by the Bloomberg agency had expected growth of 1.3%.

The service sector involves a wide variety of businesses. It includes, for example, bars, restaurants, hotels, transport, information and communication companies.

In 2022, the segment showed a more expressive performance than industrial production and retail sales, also surveyed by IBGE. Factory production dropped by 0.7%, while trade increased by 1%.

With the pandemic, there was an impetus for services that transport goods and are not dependent on direct contact with customers, such as those associated with technology.

Last year, vaccination against Covid-19 also allowed for the resumption of face-to-face activities provided to families. Bars, restaurants and hotels are part of this list of services.

In 2023, one of the factors that still worry analysts is inflation. The IPCA (Extended National Consumer Price Index) for services accelerated from 0.44% in December to 0.60% in January, according to the IBGE. In 12 months, the rate increased from 7.58% to 7.80%.

High interest rates are also seen as a factor with the potential to limit the performance of services.