Brazil’s gross domestic product shrank 9.7 percent on quarter in the three months to June 2020, following an upwardly revised 2.5 percent drop in the previous period and compared with forecasts of a 9.4 percent decline. It was the second consecutive quarterly contraction in GDP and the steepest on record, officially entering a recession due to the COVID-19 pandemic and the government measures taken to reduce the spread of the virus. Services activities plunged 9.7%, after decreasing 2.2% in Q1, namely trade (-13% vs -1.4%), transport & storage (-19.3% vs -2.4%), information & communication (-3% vs -2%) and other activities (-19.8% vs -5.3%). Also, the industry sector slumped 12.3%, following a 0.8% fall, in particular manufacturing (-17.5% vs -1.9%), construction (-5.7% vs -3.3%) and utilities (-4.4% vs -0.3%). Additionally, output growth eased in primary activities (0.4% vs 0.5%). Year-on-year, the economy contracted a record 11.4 percent, after shrinking a 0.3 percent in Q1.
GDP Growth Rate in Brazil averaged 0.44 percent from 1996 until 2020, reaching an all time high of 3.80 percent in the third quarter of 1996 and a record low of -9.70 percent in the second quarter of 2020. 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 October of 2020. source: Instituto Brasileiro de Geografia e Estatística (IBGE)
GDP Growth Rate in Brazil is expected to be 7.30 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 0.50 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.