The Brazilian economy closed the year 2022 with an accumulated growth of 2.9%, according to GDP (Gross Domestic Product) data released this Thursday (2) by IBGE (Brazilian Institute of Geography and Statistics). The result was slightly below the median of the market estimates.
Analysts consulted by the Bloomberg agency projected a rise of 3%. In the fourth quarter of 2022, GDP was negative after five consecutive gains. The decrease was 0.2% in relation to the three immediately preceding months, which reflects a scenario of slowdown in economic activity.
Analysts expected a loss of pace due to the delayed effect of the increase in interest rates. The negative variation was in line with the calculations of economists consulted by Bloomberg, who also pointed to a decrease of 0.2%.
“The continuous increase in interest rates has some delay [retraso]. So, it was already expected that the economy, with these high interest rates, would slow down,” said Rebeca Palis, coordinator of National Accounts at IBGE.
The 2.9% growth in 2022 is the second in a row, after a 5% increase in 2021. The economy had suffered a 3.3% drop in 2020, the initial period of the pandemic. With the new result, the average annual growth of the economy in the government of Jair Bolsonaro (PL) was 1.45%, according to preliminary data (the figures for 2021 and 2022 can still be reviewed).
Translated by AZAHARA MARTIN ORTEGA
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