The Brazilian economy shrank 1.5 percent on quarter in the first three months of 2020, following a downwardly revised 0.4 percent growth in the previous period and matching market forecasts. It was the first contraction since 2016 and the steepest since Q2 2015, amid the coronavirus pandemic. Services activities contracted 1.6 percent, following a 0.7 percent expansion in the prior quarter, of which trade (-0.8% vs -0.2%), transport & storage (-2.4% vs 1.5%), information & communication (-1.9% vs 1.6%), financial & insurance activities (-0.1% vs 0.8%), and public administration, health & social security (-0.5% vs 1%). Also, the industry sector shrank 1.4 percent, after stalling in the last quarter of 2019, mainly due to mining (-3.2% vs 0.7%), manufacturing (-1.4% vs 0.1%) and construction (-2.4% vs -2.3%). Year-on-year, the GDP fell 0.3 percent, the most since Q4 2016, after growing 1.7 percent in the prior period.
GDP Growth Rate in Brazil averaged 0.54 percent from 1996 until 2020, reaching an all time high of 4 percent in the third quarter of 1996 and a record low of -3.90 percent in the fourth quarter of 2008. This page provides - Brazil GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Brazil GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2020. source: Instituto Brasileiro de Geografia e Estatística (IBGE)
GDP Growth Rate in Brazil is expected to be -4.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Brazil to stand at 0.70 in 12 months time. In the long-term, the Brazil GDP Growth Rate is projected to trend around 0.80 percent in 2021 and 0.90 percent in 2022, according to our econometric models.