The signs of weak economic activity persist

BRAZIL ECONOMICS - Report 08 Apr 2019 by Affonso Pastore, Cristina Pinotti, Marcelo Gazzano and Caio Carbone

The tenuous recovery of GDP growth in 2017 and 2018 was solely due to the service sector, with industrial GDP oscillating in recent quarters at a level almost 15% below the previous peak, reached in the (distant) first quarter of 2014 (Graph 1). The most recent data show that the country’s industry remains stagnant, and the perspectives are not positive. Domestic demand for industrial products (intermediate goods, capital goods and consumer goods) continues to be subdued, and decelerating global activity prevents faster growth of exports of manufactured goods.

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