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Services in Brazil Grew More Than Expected in December, Reaching the Highest Level Ever Recorded in History, and This Trend Continued for Two Consecutive Years Thanks to the Gradual Economic Recovery.
The Brazilian services sector showed considerable growth in December compared to November, according to data from the Brazilian Institute of Geography and Statistics (IBGE). A rise of 3.1% was recorded, right after the resumption of economic activities.
The result surprised everyone and interrupted two consecutive months of declines, surpassing Reuters’ expectations of a growth of 1.0%. The performance was excellent!
Services Grow 3.1% in December and Close 2022 with an Increase of 8.3%
In 2021, services reached a record growth level of 10.9%! After the pandemic, the sector managed to recover and achieved a cumulative high of 8.3%, which is 14.4% higher than the level seen before the crisis. Thus, 2022 closed with a new record in the historical series that started in 2011.
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Despite a growth of 6.0% in the economy last year compared to December of the previous year – higher than expected – services benefited greatly from the reopening of the economy after the Covid-19 pandemic. However, this boost tends to lose momentum over time.
With rising interest rates in the country and the slowdown of the global economy, the services we provide cannot expect to gain more strength. We are facing a moment where the lagging effects of these factors will be felt, requiring all our creativity to find solutions that can help us overcome these challenges.
In December, the transport sector had an increase of 2.5%, contributing to the positive result of the IBGE. Other services also showed considerable growth, with 10.3% more than in the previous month.
The year 2022 was a period of great advancements for the transportation sector, auxiliary services to transportation, and mail, which recorded a cumulative growth of 13.3%. This had a significant influence on the development of the economy for the year.
The transportation sector has shown growth since 2020, with a different dynamics. According to the research analyst, Luiz Almeida, the increase was driven by the logistics area, with delivery services replacing in-store purchases.
In the last year of 2022, the second sector with the largest impact on the results was professional, administrative, and support services, which grew by 7.7%. Tourism also experienced significant growth in the same period, rising by 4.1% in December and 29.9% for the year. With these numbers, the sector is 1.5% higher than before the pandemic and 5.5% below its peak in the historical series, reached in February 2014.
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