Economics
Brazil Economy Beats Forecasts, Exits Recession on Farming
- GDP grew 0.5% q/q in late 2021, above 0.1% survey estimate
- Economic outlook still grim ahead of presidential election
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Brazil’s economy exited recession at the end of 2021, lifted by higher raw material prices and services that provided some relief to a country afflicted by soaring inflation and interest rates going into an election year.
Gross domestic product grew 0.5% in the October-December period after posting declines in the two prior quarters. The expansion matched the highest estimate in a Bloomberg survey of analysts, which had a 0.1% median forecast. Overall, the economy grew 4.6% last year, the national statistics agency said on Friday.