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28/09/2017 - 16:11hs

IPEA expects 2017 GDP to go up 0.7%

Brazilian economy is expected to grow this year and see an even sharper growth – 2.6% – in 2018, according to a survey by the Institute for Applied Economic Research (IPEA).

Rio de Janeiro – The Institute for Applied Economic Research (IPEA) is expecting a 0.7% growth of the Gross Domestic Product (GDP) in 2017 and of 2.6% in 2018. According to data released this Thursday (28), consumption by families, exports and agricultural growth will drive up the result this year.

After Q3, IPEA estimates that industry and services sector will drive the economy’s recovery. According to the director at the Directorate of Macroeconomic Studies and Policies (DIMAC), José Ronaldo de Castro Souza Junior, agriculture was stronger in the first six months and reached a very high level. “We believe there’s been a cyclical reversion and we are out of recession,” said Castro, who forecasts a gradually recovery.

IPEA revised down its growth forecast for 2018, which was 3.4% in the survey released in March. According to Castro, there was an expectation that the social security reform would be approved by mid-year, which didn’t happen. 

*Translated by Sérgio Kakitani

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