Brazilian economy grows 1.17% in July, more than expected by the market

The Brazilian Central Bank (BC) reported today that economic activity grew 1.17% in July, more than expected by the market.

The Ministry of Economy raised its Gross Domestic Product (GDP) projection to 2.7% in 2022.

The Economic Activity Index had an advance of 1.17% in July, the second consecutive month of growth since June had an increase of 0.93%, the BC indicated.

With this, the economic activity accumulates an advance of 2.52% in the year’s first seven months.

The 1.7% growth in July was higher than the 0.3% improvement that financial market analysts had projected, reported CNN Brasil.

The BC’s Economic Activity Index is considered a “prior” calculation to the GDP report prepared by the Brazilian Institute of Geography and Statistics (IBGE).

Within this context of improved activity data, the Ministry of Economy today raised the GDP growth projection for 2022 to 2.7%, while the previous estimate, released in July, had been 2%.

At the same time, the Ministry of Economy forecast today that inflation will be 6.3% this year, while in July, it had projected it would be 7.2%.

With information from ANSA

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