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GDP Grows 1.2 Percent in the 3Q According to Getulio Vargas Foundation

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The Gross Domestic Product (GDP), which is the sum of all goods and services produced in the country, grew 1.2 percent in the quarter ended in October this year, compared to the quarter closed in July. In comparison with the quarter ended October 2017, growth reached 1.3 percent.

The data are from the GDP Monitor, released today, Dec. 19th by the Getulio Vargas Foundation (FGV). Considering only the month of October, there was a fall of 0.3 percent in comparison with September and an increase of 1.7 percent in relation to October of last year.

The 1.2 percent increase in the quarter ended in July for the quarter closed in October was driven by the growth of 1.4 percent in industry and 1.2 percent in services. Agriculture was the only major sector with a fall in the period: 0.5 percent.

Among the industrial segments, there was progress in the manufacturing industry (1.8 percent) and construction (2.1 percent). Falls were observed in the mining and quarrying industry (0.7 percent) and in the generation of electricity (0.5 percent).

Among services, the main increases were observed in the transportation (5 percent) and commerce (2.1 percent) segments. The only decrease was registered in the information services (0.8 percent).

From the demand side, the July-October increase was driven by gross fixed capital formation, ie investments, which grew 4 percent in the period. There were also increases of 1.1 percent in household consumption and 0.9 percent in government consumption. Exports grew by 6.7% and imports by 1.7 percent.