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Economic environment
Historical series Loading...
| Brazil | 2023 | 2024 | 2025 F¹ | 2026 F¹ | 2027 F¹ |
|---|---|---|---|---|---|
| GDP | 3.2% | 3.4% | 2.2% | 1.7% | 1.7% |
| interest rate – SELIC | 11.75% | 12.25% | 15.00% | 12.75% | 11.75% |
| inflation – Broad Consumer Price Index (IPCA) | 4.6% | 4.8% | 4.5% | 4.2% | 4.0% |
| foreign exchange rate – USD/BRL | 4.86 | 6.18 | 5.35 | 5.50 | 5.80 |
| unemployment rate (average for the year) | 8.0% | 6.9% | 6.0% | 6.2% | 6.0% |
Note: foreign exchange rate and interest rate for December of every year.
¹Itaú BBA’s forecast.
| Chile | 2023 | 2024 | 2025 F¹ | 2026 F¹ | 2027 F¹ |
|---|---|---|---|---|---|
| GDP | 0.5% | 2.6% | 2.4% | 2.4% | 2.2% |
| interest rate | 8.25% | 5.00% | 4.50% | 4.25% | 4.25% |
| inflation – Consumer Price index (IPC) | 3.9% | 4.5% | 3.5% | 3.0% | 3.0% |
| foreign exchange rate – USD/CLP | 879 | 996 | 930 | 880 | 860 |
| unemployment rate (average for the years) | 8.7% | 8.5% | 8.5% | 8.3% | 8.3% |
Note: foreign exchange rate and interest rate for December of every year.
¹Itaú BBA’s forecast
| Colombia | 2023 | 2024 | 2025 F¹ | 2026 F¹ | 2027 F |
|---|---|---|---|---|---|
| GLP | 0.7% | 1.6% | 2.8% | 2.7% | 3.0% |
| interest rate | 13.00% | 9.50% | 9.25% | 9.25% | 8.25% |
| inflation – Consumer Price index (IPC) | 9.3% | 5.2% | 5.2% | 4.7% | 3.7% |
| foreign exchange rate – USD/COP | 3,822 | 4,409 | 3,900 | 3,900 | 3,900 |
| unemployment rate (average for the year) | 10.2% | 10.2% | 9.0% | 9.2% | 9.2% |
Note: foreign exchange rate and interest rate for December of every year.
¹Itaú BBA’s forecast
| Argentina | 2023 | 2024 | 2025 F¹ | 2026 F¹ | 2027 F¹ |
|---|---|---|---|---|---|
| GDP | -1.6% | -1.7% | 4.5% | 3.5% | 3.0% |
| interest rate – BADLAR | 100.00% | 32.00% | 30.00% | 25.00% | 20,00% |
| inflation – Consumer Price Index (IPC) | 211.4% | 117.8% | 30.5% | 20.0% | 15.0% |
| foreign exchange rate – USD/ARS | 809 | 1,033 | 1,450 | 1,700 | 1,900 |
| unemployment rate (average for the year) | 6.1% | 7.2% | 7.2% | 7.2% | 7.0% |
Note: foreign exchange rate and interest rate for December of every year.
¹Itaú BBA’s forecast
| Peru | 2023 | 2024 | 2025 F¹ | 2026 F¹ | 2027 F¹ |
|---|---|---|---|---|---|
| GDP | -0.4% | 3.3% | 3.2% | 2.9% | 2.9% |
| interest rate | 6.75% | 5.00% | 4.25% | 4.00% | 4.00% |
| inflation – Consumer Price Index (IPC) | 3.2% | 2.0% | 1.5% | 2.0% | 2.0% |
| foreign exchange rate – USD/PEN | 3.70 | 3.80 | 3.40 | 3.40 | 3,40 |
| unemployment rate (average for the year) | 6.9% | 6.6% | 6.2% | 6.2% | 6.2% |
Note: foreign exchange rate and interest rate for December of every year.
¹Itaú BBA’s forecast
| World | 2023 | 2024 | 2025 F¹ | 2026 F¹ | 2027 F¹ |
|---|---|---|---|---|---|
| GDP – World | 3.2% | 3.2% | 3.2% | 3.3% | 3.3% |
| GDP – US | 2.9% | 2.8% | 2.0% | 2.2% | 2.2% |
| GDP – Euro Zone | 0.6% | 0.8% | 1.3% | 1.2% | 1.2% |
| GDP – China | 5.4% | 5.0% | 5.0% | 4.5% | 4.5% |
¹Itaú BBA’s forecast.
Learn more
Click on the miniatures to open the analyses we have selected for you.
Economic Outlook – November 2025
Daily Economic Activity Tracker – IDAT
Macro Scenario – Brazil December 2025
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