The Brazilian economy shrank a record 11.4 percent year-on-year in the second quarter of 2020, following a 0.3 percent contraction in the previous period and compared with market forecasts of a 10.7 percent plunge, officially entering a recession amid the coronavirus pandemic. The services sector slumped 11.2 percent, after dropping 0.5 percent in the prior quarter, mainly transportation & storage (-20.8% vs -1.6%), trade (-14.1% vs 0.4%), public administration, health, defense & social security (-8.6% vs -0.4%) and other activities (-23.6% vs -3.4%). In addition, industrial output plunged 12.7 percent, following a 0.1% fall in the first quarter, in particular manufacturing (-20% vs -0.8%), construction (-11.1% vs -1%) and utilities (-5.8% vs -1.8%). Also, output growth slowed in the primary sector (1.2% vs 1.9%). On a quarterly basis, the economy contracted 9.7%, the most on record, following an upwardly revised 2.5% decline in the prior period. source: Instituto Brasileiro de Geografia e Estatística (IBGE)
GDP Annual Growth Rate in Brazil averaged 2.36 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 -11.40 percent in the second quarter of 2020. 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 November of 2020.
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 3.20 percent in 2021 and 2.50 percent in 2022, according to our econometric models.