Brazil 2Q GDP Contracted Slightly as Industry, Agriculture Shrank – MarketWatch

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By Jeffrey T. Lewis


SAO PAULO–Brazil’s financial system contracted barely Inside the second quarter from the earlier three months as industrial exercise shrank As a Outcome of of current factors and agriculture was hit by a decline Inside the espresso harvest.

Gross home product contracted a seasonally adjusted 0.1% from The primary quarter and jumped 12.4% from the second quarter of 2020, the Brazilian Institute of Geography and Statistics, or IBGE, said Wednesday. In The primary quarter, GDP grew 1.2% from the earlier three months and expanded 1.0% from The primary quarter of 2019.

The decline in industrial exercise Inside the quarter was Launched on by The identical critical current factors That are affecting a lot of The Reprimaryder of the world. Brazil’s industrial sector contracted 0.2% Inside the second quarter from The primary and grew 17.8% from a yr earlier, the IBGE said.

“The disappointing decide displays to An monumental extent The factors Which have plagued The financial sector,” said Alberto Ramos, an economist at Goldman Sachs in Ny. “In the auto enterprise, For event, there’s been A scarcity of microchips and parts, and An monumental shock to prices.”

Agriculture declined 2.8% Inside the quarter and grew 1.3% from a yr earlier, whereas providers expanded 0.7% Inside the quarter and grew 10.8% from a yr earlier. Gross fixed capital formation, a measure of funding, fell 3.6% from The primary quarter and jumped 32.9% from the second quarter of 2020.

Household spending was unchanged from The primary quarter and elevated 10.8% from a yr earlier, and authorities spending rose 0.7% Inside the quarter and elevated 4.2% from a yr earlier.


Write to Jeffrey T. Lewis at [email protected]



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