The Economy’s Ministry has increased its Gross Domestic Product (GDP) this year from 1.5% to 2%. For the next year, the GDP is expected to reach 2.5%. According to the Macrofiscal Bulletin, the upward revision is due to the economic activity. Monthly surveys by the Brazilian Institute of Geography and Statistics (IBGE) pointed to an average monthly growth of 0.2% in the general industry and 0.4% in the manufacturing industry in April and May. “An important change in the GDP projection this year comes from changes in the labor market, whose variation in the employed population (PO) is 10.6% when compared to the same period of the previous year. This interannual variation means an increase in the employed population of 9.4 million workers”, the bulletin says. The ministry highlights, however, that the international scenario remains challenging, with a reduction in global growth perspectives and in price levels of energy and food commodities.
Sources: Agência Brasil/Canal Rural (*Translated by Ia Niani)