GDP Monitor points to 0.1% growth in economic activity in October 2019
The GDP Monitor, published by the FGV Brazilian Institute of Economics (FGV IBRE), points to seasonally adjusted growth of 0.1% in economic activity in October, compared to September, and 0.7% growth in the moving quarter ending in October, compared to July. Year-over-year, the economy grew 2.0% in the month of October and 1.4% in the quarter ending in October.
These results are included in the Foreign Trade Secretariat’s export data bulletin for September and October. The third-quarter results were recently revised, altering the official results previously disclosed by IBGE in relation to some demand components.
“The economy continued to grow in October, and in particular, the services sector and household consumption performed strongly. This growth in consumption was driven by positive results in all components. With regard to gross fixed capital formation, October saw the second monthly negative result in a row. These results may indicate that at this moment in which structural reforms are being implemented, the economic recovery is mainly anchored in consumption growth rather than in investment,” said Claudio Considera, the coordinator of FGV’s GDP Monitor.
The economy grew 0.1% in October, compared to September, and 2.0% compared to October 2018. Year-over-year, the three main areas of the economy expanded, but compared to September, there was a decline in agribusiness and manufacturing. In terms of demand, exports fell in both metrics, while investment only declined in the seasonally adjusted figures.
The complete results can be seen here.
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