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Without a drop in agribusiness, GDP would have grown by 0.3%, says Sachsida

Assessing the GDP result for the third quarter, which fell by 0.1%, the economic policy secretary at the Ministry of Economy, Adolfo Sachsida, told the CNN that you have to look beyond the number itself.

Highlighting the water crisis and its effects on agribusiness, the secretary presents a positive hypothesis for the performance of the activity in the period. “More important than the GDP number is looking at the quality of growth. Agro fell by 8% in the period, in the biggest water crisis in history. When we isolate this loss, we see that GDP would have been positive by 0.3% in the third quarter”, he told the column.

For the economy, other data reveal that the recovery remains with better “quality”.

“Free credit is growing, increasing the participation of private banks. The private investment rate is the highest since 2014. This quality shows us that we are on the right path. Of course, we have difficulties and we are looking at this IBGE number with the greatest attention”, reinforced the secretary.

Asked about the possibility of revising growth forecasts for this year and 2022, after the result of the 3rd quarter, Sachsida indicated that they will still analyze the scenario.

“Let’s wait, let’s study”, he replied.

The result released this Thursday by the IBGE showed that the country entered a technical recession, with two consecutive quarters of negative performance. There was also a revision, for the worse, of the second quarter data, from a drop of 0.1% to a loss of 0.4%.

Reference: CNN Brasil

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