Brazil's GDP Grows 7.7% in The Third Quarter, below The Government and Market Projection

Percentage is record, according to IBGE, but due to the depressed base of the previous quarter

São Paulo and Rio de Janeiro

The Brazilian economy recorded a record growth of 7.7% in the third quarter of 2020 compared to the previous three months, according to GDP (Gross Domestic Product) data released this Thursday (3) by IBGE (Brazilian Institute of Geography and Statistics) ). The number came below government and market projections.

Despite record GDP growth, the Brazilian economy has not yet returned to its pre-crisis level. It is still 4.1% below the last quarter of 2019. The result is also 7.3% below the peak recorded in early 2014.

The number came below government and market projections. (Foto: Cris Faga)

Compared to the same period in 2019, there was a drop of 3.9%. GDP decreased by 5% in the year and 3.4% in 12 months.

According to the IBGE, the economy returned to the level of the beginning of 2017, when the recession of 2014-2016 began.

Analysts surveyed by the Bloomberg agency projected an increase of 8.7% in comparison with the previous quarter and a decrease of 3.6% in relation to the same period last year.

Translated by Kiratiana Freelon

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