Itaú BBA - GDP expands 0.6% in 3Q19

Macro Brazil

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GDP expands 0.6% in 3Q19

diciembre 3, 2019

Data reinforce a gradual pickup in economic activity.


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

 

 GDP advanced 0.6% qoq/sa in 3Q19, printing somewhat above market expectations (+0.4%) and our forecast (+0.5%). In year-over-year terms, GDP climbed 1.2%.

 Following two quarters of substantial declines, mining/extraction grew 12.0% qoq/sa and hit its highest seasonally-adjusted level on record.

 Construction also stood out by rising 1.3% qoq/sa, marking a second consecutive increase. This sector weighed negatively on economic growth in recent years and is now providing a positive contribution.

 The historical GDP series was revised upward, so that 2018 GDP expanded 1.3% (previously +1.1%). For 2019 GDP, the statistical carry over in 3Q19 is 1.0%.


 

Luka Barbosa
Matheus Felipe Fuck


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



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