LatinNews Daily - 13 October 2022

* Brazil’s Confederação Nacional da Indústria (CNI) business lobby has updated its projection for Brazil’s GDP growth this year to 3.1%, up from 1.4% in July. This is above the 2.7% forecast from Brazil’s central bank (BCB) and 2.8% forecast by the International Monetary Fund (IMF). The CNI update was attributed, among other factors, to an improvement in the country’s job market and a “partial normalization of [global] supply chains, despite the continuation of the Russia-Ukraine war”. Brazil’s unemployment rate reached 8.9% in the rolling quarter ending in August, the lowest rate in seven years. Inflation has also been decelerating – the country registered monthly deflations in July, August, and September. CNI expects growth in 2022 to be driven by a 3.8% expansion in the service sector and a 2% increase in the industrial sector. In 2021, Brazil’s GDP grew 4.6%, in a rebound after a decline of 3.9% in 2020 due to the coronavirus (Covid-19) pandemic. 

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