Brazil’s economic activity in September 2022

Economic activity was flat on a seasonally adjusted monthly basis in September. The result followed August’s decline of 1.1%, which was the worst reading since March 2021. The September results surprised markets to the downside, as prices saw an expansion of 0.2%.

On a yearly basis, economic activity rose at a more moderate pace of 4.0% in September (August: +5.0% yoy). However, the average annual economic activity growth rose to 2.3% in September (August: +2.1%), indicating an improvement in the trend.

Members of the LatinFocus Consensus forecast committee expect GDP to grow by 0.8% in 2023, which is unchanged from last month. For 2024, the committee sees GDP expanding by 1.8%.

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