FGV’s GDP Monitor points to 2.4% growth in economic activity in July
FGV’s GDP Monitor points to 2.4% growth in economic activity in July, compared to June, and a 4.0% drop in the three months to July, compared to the three months to April. Year over year, the economic shrank 6.1% in the month and 8.9% in the three months to July.
“The economy remained on its growth trajectory in July. After reaching its worst moment in April, because of the COVID-19 pandemic, we can see a considerable improvement in all economic activities. Despite this improvement, the country continues to experience a lot of uncertainty and the level of activity is still very low and only recovering very slowly,” says Claudio Considera, the coordinator of FGV’s GDP Monitor.
The economy grew 2.4% in July, compared to June, and shrank 6.1%, compared to July 2019. Year over year, there were declines in two (industry and services) of the three broad categories of activities (agriculture, industry and services). In seasonally adjusted terms, there was growth in all three. In terms of demand, the only component that did not present an annualized reduction was exports, and in seasonally adjusted terms, exports and imports were the only components that presented declines.
The complete study is available here.