The GDP Monitor measured by the FGV points to growth of 0.4% in economic activity in the third quarter compared to the second, the institution announced this Monday (21).
Compared to the same quarter last year, the increase was 3.2%. From August to September, the data shows a decrease of 0.4%. In relation to September last year, the high is 2.3%.
According to the FGV, the 0.4% growth in the third quarter reflects the positive performance of the three major economic activities (agriculture, industry and services) and of all demand components. However, it shows a loss of economic strength, due to a lower growth rate than that observed in the first and second quarters of the year.
“It can be seen that the decline registered in September is the second consecutive one in economic activity and signals the difficulty for the economy to maintain the pace of growth registered at the beginning of the year. It is no surprise that interest rates at high levels have been reflected in difficulties for the economy in the second half of the year. Thanks to the fiscal stimuli that took place in the economy throughout the year, the beginning of the economic weakening was somewhat slow in coming.” according to Juliana Trece, research coordinator.
The GDP Monitor anticipates the trend of the economy’s main index based on the same data sources and methodology employed by the Brazilian Institute of Geography and Statistics (IBGE), responsible for the official calculation of the National Accounts.
From the perspective of demand, household consumption grew by 5.6% in the third quarter of 2022 compared to the third quarter of 2021. According to the FGV, the advance remains driven by the consumption of services.
“Since the second quarter, the consumption of non-durable products has also been relevant to the growth in household consumption. Of note is the continued drop in consumption of durable goods since the third quarter of 2021,” noted the note from the GDP Monitor.
Gross Fixed Capital Formation (GFCF, a measure of investment in GDP) increased by 5.6% in the third quarter of this year compared to the third quarter of last year.
“Although this segment started the year with significantly negative rates, it started to grow since the moving quarter ended in July. This growth is mainly explained by the performance of imported machines and equipment”, informed the FGV.
Exports of goods and services grew by 6.3% in the third quarter of 2022 compared to the third quarter of 2021, while imports increased by 7.4%.
In monetary terms, GDP reached approximately R$ 7.236 trillion from January to September 2022, in current values. The economy’s investment rate was 19.6% in the third quarter of 2022.
*With Estadão Content / published by Ligia Tuon
Source: CNN Brasil
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