Brazilian economy grows 1.2% in Q2, with focus on service

The Brazilian economy grew 1.2% quarter-on-quarter in the second quarter of 2022, according to gross domestic product (GDP) results from April to June.

The data were released Thursday, Sept. 1, by the Brazilian Institute of Geography and Statistics (IBGE).

GDP is the sum of final goods and services produced in Brazil. Thus, the value reached R$2.404 trillion (US$500 billion) at current prices.

Compared to the same quarter of 2021, GDP grew by 3.2% (in the same period last year, the economy had contracted by 0.3%).

IBGE said that the positive GDP in the second quarter is the fourth consecutive quarterly peak of the indicator and makes economic activity 3% above the pre-pandemic level (in the fourth quarter of 2019).

The highlight was again the services sector, which grew by 1.3%.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error