LatinNews Daily - 04 September 2023

In brief: Brazil posts lower GDP growth for Q2

* Brazil’s national statistics institute (Ibge) has reported that the country’s GDP grew by 0.9% in the second quarter of 2023 compared with the preceding quarter, and Brazil’s GDP for Q2 totalled R$2.65trn (US$536bn). The growth rate registered in this April-June quarter was lower than the 1.8% registered in January-March and slightly lower than the 1.0% in April-June 2022. But the first half of 2023 saw 3.7% GDP growth, and Q2 2023 marks a 7.4% increase from Q4 2019 – the level before the coronavirus (Covid-19) pandemic. The growth in the second quarter of 2023 was mainly driven by industry (0.9%) and services (0.6%). Within the industry category, the sectors which saw the highest growth were extractive industries (1.8%) and construction (0.7%), while services were mainly driven by financial services (1.3%). However, the agriculture category saw a contraction of 0.9%, in contrast to the strong growth posted in Q1 2023 (21.0%).

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