Industry Rises 2.2% and Brazil's GDP Outperforms the United States, China, and Mexico Sharply in the Second Quarter of 2022

Industry Rises 2.2% and Brazil’s GDP Outperforms the United States, China, and Mexico Sharply in the Second Quarter of 2022

Written by Paulo Nogueira

Published on 22/09/2022 at 19:51

Fonte: Folha Londrina

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All Industrial Segments Grew Between The First And Second Quarters Of 2022, But The Electricity And Gas, Water, Sewage And Waste Management Segment Increased By 3.1%

The Brazilian Institute of Geography and Statistics (IBGE) reported that Brazil’s Gross Domestic Product (GDP) grew by 1.2% in the second quarter of 2022. The performance was the seventh best among the world’s major economies, according to a survey by the credit rating agency Austin Rating, surpassing countries such as the United States, Spain, the United Kingdom, China, and Mexico.

The GDP increase is directly related to the improved performance of the industry, which grew by 2.2% compared to the first quarter of the year, being the best result among the sectors of the economy.

YouTube video — ***Comparison of Brazil’s GDP With That of Other Countries***

Brazilians Working In The Industry

According to IBGE, Brazil has 98.7 million Brazilians working, formally or informally, driving higher household spending, as real wage mass also increased, and consumption grew by 2.6%. Consequently, domestic demand rose, generating a need for investments and production by the Brazilian industry.

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All industrial segments grew between the first and second quarters of 2022, but the Electricity and Gas, Water, Sewage, and Waste Management Segment increased by 3.1%. According to IBGE, this result is influenced by the shutdown of thermal plants and the end of the water scarcity tariff, as well as the acceleration of economic activity.

Other industrial segments also showed increases, such as construction (2.7%), extractive industries (2.2%), and manufacturing industries (1.7%), yielding results above expectations in June.

GDP Above Expectations

The result of Brazil’s GDP also came in above market expectations, which predicted an increase of 0.9% in the monthly comparison and 2.8% annually. According to data from CNI (National Confederation of Industry), the growth of the industry is what most benefits the sectors of the economy and the GDP in general, as every R$1 more produced by the industry generates an increase of R$2.43 in other sectors.

“The industry is of great importance to the economy, as it represents a significant share of GDP. This data indicates that there is a positive outlook in the long term, even though we are still facing many challenges,” comments Paulo Castelo Branco, economist and executive president of ABIMEI (Brazilian Association of Importers of Industrial Machinery and Equipment).

About ABIMEI – the Brazilian Association of Importers of Machinery and Industrial Equipment has been operating since 2003, aiming to promote technology and increase competitiveness in the international landscape of products manufactured in Brazil, through the import of industrial machinery and equipment, to meet the sector’s demand when domestic manufacturers are unable to meet it. ABIMEI participates in discussions on guidelines and decisions for the national market and foreign trade, always prioritizing national entrepreneurs and the economic development of the country.

Industry Rises 2.2% and Brazil’s GDP Outperforms the United States, China, and Mexico Sharply in the Second Quarter of 2022

All Industrial Segments Grew Between The First And Second Quarters Of 2022, But The Electricity And Gas, Water, Sewage And Waste Management Segment Increased By 3.1%

Brazilians Working In The Industry

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GDP Above Expectations

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Industry Rises 2.2% and Brazil’s GDP Outperforms the United States, China, and Mexico Sharply in the Second Quarter of 2022

All Industrial Segments Grew Between The First And Second Quarters Of 2022, But The Electricity And Gas, Water, Sewage And Waste Management Segment Increased By 3.1%

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