The finance ministry said on Thursday that previously released 2022 gross domestic product data suggested a more modest pace of growth this year, but stressed there was still an expectation of a pick-up in activity at the margin in the face of the record harvest expected for 2023 and measures such as raising the minimum wage and expanding the income tax exemption bracket.
“On the other hand, it is worth pointing out as a negative vector for prospective growth monetary policy in a significantly contractionary sphere”, states the Ministry’s Secretariat for Economic Policies in a note.
“The external sector may be another vector of deceleration, depending on the pace of cooling in global activity due to the monetary tightening cycle in core economies, with emphasis on the US and Europe.”
The IBGE reported Thursday that Brazil’s GDP fell 0.2% in the fourth quarter of 2022 compared to the immediately preceding quarter, up 2.9% for the year. The data arrived, in general, in line with what was expected by the market.
The secretariat has estimated that the statistical burden of GDP from 2022 to 2023 is 0.2%.
Source: Terra
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