Growth “was widespread”, says economist on GDP figures

Growth “was widespread”, says economist on GDP figures

Bradesco’s chief economist, Fernando Honorato, told CNN This Saturday (3) that the growth of the Brazilian economy was “generalized” in the second quarter of 2022. Figures released by the Brazilian Institute of Geography and Statistics last Thursday (1st) indicate that Brazilian GDP increased by 1.2% in the period.

According to Honorato, the good performance of the Brazilian economy was driven by several sectors.

“[O crescimento] was widespread. Growth appeared in almost all segments of the Brazilian economy. In particular, in household consumption, investment, industry and the service sector. It was disseminated, I think this is the great point of relevance. Civil construction has had a very strong performance for a long time, communication services also had an important performance.”

Bradesco’s chief economist stated that, for the third consecutive year, the Brazilian economy has surprised analysts.

“The economy has been surprising. It has grown more than economists realize. It is the third consecutive year that the economy’s performance is better than we imagine.”

For Honorato, the result of the last quarter is due to the overthrow of restrictive measures imposed because of the pandemic and the reduction of interest rates. The economist said that low interest rates led to a growth in credit.

“Firstly, there is the full ‘post-covid’ opening, which took place during the first half of 2022. Second, there is also the effect of interest rates, which were quite low until the end of last year, and credit grew a lot. And, in the case of investments, the impression is that demand has grown so much, consumption of goods has grown so much, that capacity utilization is very high and entrepreneurs need to start investing.”


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Source: CNN Brasil