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Investing.com -- Brazil’s economy grew slower than expected in the fourth quarter of 2024, according to recently published data.
The country’s Gross Domestic Product (GDP) increased by 0.2% quarter-on-quarter, seasonally adjusted, a significant slowdown from the 0.7% growth recorded in the third quarter of 2024.
This growth rate fell short of the 0.4% consensus forecast and the 0.6% prediction by the Bank of America.
Year-on-year, the Brazilian economy grew 3.6% in the fourth quarter, down from 4.0% in the third quarter of 2024. Despite the slowdown in the last quarter, Brazil’s real GDP for the entire year of 2024 ended with an overall growth of 3.4%, exceeding the previous forecast of 3.0% growth for the year.
In terms of nominal value, Brazil’s GDP for 2024 reached R$11.7tn, equivalent to approximately US$2.0tn. This represents a solid increase in the country’s economic output, despite the slower than expected growth in the final quarter of the year.
Bank of America economists commented: "Looking ahead, we expect growth to decelerate to 2.0% in 2025, as the monetary policy should become even more contractionary and fiscal stimulus should be smaller than the one previously observed.
An upside risk to our forecast is the employment of credit, fiscal and parafiscal policies to stimulate activity as presidential popularity is decaying."
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