LatinNews Daily - 20 March 2025

*The economic policy secretariat (SPE) of Brazil’s finance ministry has released the latest edition of its Boletim MacroFiscal report containing economic forecasts, which showed an annual GDP growth forecast of 2.3% for 2025. Brazil’s GDP growth for 2024 was 3.4%, mainly driven by increases in industry and services. However, the latest SPE report projects these two sectors to post slower growth this year, with a 2.2% growth forecast for the industrial sector and 1.9% for services, down from 3.3% and 3.7% in 2024 respectively. Meanwhile, the agricultural sector, which registered a 3.2% contraction in 2024, is projected to grow by 6.0% in 2025. According to the report, Brazil’s GDP in the first quarter of 2025 is projected to grow by 1.5% from Q4 and 3.0% from Q1 2024. This growth is expected to be driven by agriculture, with a 12.8% quarterly growth forecast for the sector and 11.0% year-on-year growth. The industrial sector in Q1 this year is projected to register a quarterly contraction of 0.2% but year-on-year growth of 2.2%, while the services sector is forecast to grow by 0.3% in quarterly terms and 2.1% in yearly terms.

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