LatinNews Daily - 03 March 2023

In brief: Quarterly drop in Brazil’s GDP

* Brazil’s national statistics institute (Ibge) has released the country’s latest GDP figures, showing a quarterly contraction of 0.2% in Q4 2022. In year-on-year terms, however, GDP was up 1.9% in Q4, with the Ibge registering annual growth of 2.9% across the whole of 2022. The quarterly contraction in Q4 was mainly driven by a 0.3% contraction in industry. Within that category, the greatest drops were seen in transformation industries (-1.4%) and construction (-0.7%), while extractive industries (+2.5%) was the only industrial activity which saw quarterly growth. The quarterly decline in the industrial sector was partially compensated by growth of 0.3% and 0.2% in agriculture and services, respectively.

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