GDP in 2014

BRAZIL ECONOMICS - Report 30 Mar 2015 by Affonso Pastore, Cristina Pinotti and Marcelo Gazzano

GDP grew by 0.3% in the fourth quarter of 2014, or an annualized rate of 1.3% (Graph 1). For the year as a whole, growth was only 0.1%, far short of the 2.7% figure in 2013. All sectors of the Brazilian economy performed worse in 2014 than in 2013, clearly showing the economy’s loss of dynamism. With this result, the carry-over to 2015 is nil. Both the FGV confidence indicator and our leading indicator of GDP point to a significant contraction in the first half of 2015, which together with the results for 2014 make us reiterate our projection that GDP will contract by at least 1% this year, possibly more.

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