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The President of the Republic, Jair Bolsonaro (without party) celebrated today in a transmission made by social networks the growth of the Brazilian GDP (Gross Domestic Product), which increased by 7.7% in the third quarter. Despite the improvement in the last three months, growth was below expectations of analysts polled by the Reuters news agency, at 9%.
“Economically we are growing in” V “, as Paulo Guedes used to say, right? Really, the data is fantastic,” said Bolsonaro, without directly citing the results published today.
Economy Minister Paulo Guedes said that the results obtained show “good signs” that Brazil is recovering in a “V”, a term used for an economy that had a sharp decline and is recovering rapidly.
“Only the deniers refute the empirical evidence that the economy came back in ‘V’. Those who know numbers and data understand that they returned in V, ”said the minister.
The 7.7% increase represents the highest growth since the beginning of the historical series, in 1996. Despite this, when compared with the same quarter of last year, the GDP showed a fall of 3.9%.
There was also a decrease compared to 2019 in the year. Growth was below that expected by Paulo Guedes, who nevertheless denied any “frustration” with the results.
“The most important signal is that the economy is coming back. There is no frustration. The objective information that emerges from this is that Brazil is getting stronger,” the minister said.
Industry and Commerce grow in the quarter
Both the Industry and Services sectors showed high performance in the last three months. In Industry, the highlight was the growth of 23.7% in the transformation sector. On the Services side, Commerce grew significantly, with an increase of 15.9%. The transportation, warehousing and mail segment increased 12.5%.
However, the IBGE National Accounts coordinator, Rebeca Palis, stated that, in the Services, there was no data recovery in relation to the first quarter.
“There was a drop in both supply and demand. Even though operational restrictions were removed, people are still afraid to consume, especially the services provided to families, such as accommodation, food, cinemas, gyms and beauty salons, “he explained. she.
The consumption of Brazilian families increased
With the return of economic activities, Brazilian families began to consume again, which increased the results of this index. The IBGE registered a 7.6% increase in household consumption compared to the last quarter.
The improvement comes after household consumption fell a record 12.2% in the second quarter, at the height of restrictions stemming from the pandemic. However, compared to the same period last year, the index fell 3.9%.
“Consumption of services grew, but it was much less than the previous fall, since families did not return to consumption at the level before the pandemic,” explained Rebeca.
* With information from Reuters and Estadão Content
