LatinNews Daily - 07 November 2022

In brief: Brazil revises 2020 GDP figures

* Brazil’s national statistics institute (Ibge) has revised its estimates for Brazil’s GDP contraction in 2020 from -3.9% to -3.3%. This means that 2020 is not longer the year in which Brazil registered its steepest recession in the country’s recent history as the economy contracted 3.5% in 2015. According to IBGE, the service sector contracted 3.7% in 2020, and not 4.3% as it had previously estimated. The decline in industry activity was also revised from -3.4% to -3%. At the same time, growth in the agriculture sector was updated from 3.8% to 4.2%. Brazil’s GDP fell in 2020 due to the coronavirus (Covid-19) pandemic. In 2021, Brazil’s economy grew 4.6% and economists expect it to expand around 2.7% in 2022.

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