The Brazilian economy shrank 0.3 percent year-on-year in the first quarter of 2020, after expanding 1.7 percent in the previous period and compared with market expectations of a 0.4 percent decline. It was the first and sharpest contraction since Q4 2016, as the coronavirus pandemic began to hit the economy. The services sector shrank 0.5 percent, following a 1.6 percent expansion in the prior quarter, in particular transportation & storage (-1.6% vs 1%), public administration, health, defense & social security (-0.4% vs 0.4%) and other activities (-3.4% vs 1.5%). Also, industrial output dropped 0.1%, after growing 1.5% in Q4 2019, mainly due to manufacturing (-0.8% vs 1.1%), construction (-1% vs 1%) and utilities (-1.8% vs -0.8%). In contrasts, the primary sector expanded 1.9 percent, faster than a 0.4 percent. On a quarterly basis, the economy contracted 1.5 percent, the most since Q2 2015, after a 0.5 percent growth in the prior period.
GDP Annual Growth Rate in Brazil averaged 2.48 percent from 1991 until 2020, reaching an all time high of 10.10 percent in the first quarter of 1995 and a record low of -5.50 percent in the fourth quarter of 2015. This page provides - Brazil GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Brazil GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020. source: Instituto Brasileiro de Geografia e Estatística (IBGE)
GDP Annual Growth Rate in Brazil is expected to be -8.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Brazil to stand at 5.00 in 12 months time. In the long-term, the Brazil GDP Annual Growth Rate is projected to trend around 3.50 percent in 2021 and 2.50 percent in 2022, according to our econometric models.