The seasonally adjusted series of FGV’s GDP Monitor points to a 0.3% economic growth in November, both in the monthly and moving quarterly analyses (Sep/Oct/Nov compared to Jun/Jul/Aug). Year-over-year results were also positive, revealing a 1.5% growth in the month and 1.4% in the quarter.

“The economy has been growing an average of 0.1% per month for the last five months. Except for May and June 2018, due to the truck drivers’ strike, this figure had stabilized in the previous 14 months (March 2017 to April 2018). This behavior reflects a similar performance in the industry and service sectors. Despite the end of the recession, the economy’s performance is still well below its potential, growing 1.1% in 2017 and expected to grow only another 1.3% in 2018. This lack of momentum is definitely linked to the strong fiscal imbalance and the pressing need for macroeconomic reforms”, said Claudio Considera, coordinator of the GDP Monitor.

Compared to the previous month, in the series with no seasonal effects, the economy grew 0.3% in November – underlining a widespread growth across all components. Year-over-year, the economy grew 1.5% in November. In this comparison, only the processing and construction industries showed lower rates (-1.1% and -2.3%, respectively). All other economic components, both on the supply and demand sides, showed positive variations, led by exports and imports (22.6% and 10.6%, respectively).

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