Itaú BBA - 1Q20 GDP recedes 1.5% qoq/sa, in line with expectations

Macro Brazil

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1Q20 GDP recedes 1.5% qoq/sa, in line with expectations

mayo 29, 2020

The result was in line with expectations (mkt: -1.5%; Itaú: -1.4%)


For the version with all charts and tables, please open the attached pdf file
 

 The GDP declined 1.5% qoq/sa in the first quarter, in line with expectations (mkt: -1.5%, Itaú: -1.4%).

 Breaking down the data from the supply side, we see that some sectors are more resilient amid the current crisis, while others bear a strong negative impact.

 We forecast the 2Q20 GDP to decline 10.6% qoq/sa (not annualized), as social distancing remained in place for the bulk of this period.
 

Luka Machado Barbosa
Matheus Felipe Fuck


For the version with all charts and tables, please open the attached pdf file



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