Meirelles: GDP numbers show Brazil is on a growing path

Henrique Meirelles has assessed that Brazil is on a growing path. Posting on Twitter, the Finance Minister celebrated the GDP numbers released by the Brazilian Institute of Geography and Statistics (IBGE) on Friday (1 December). He also noted that the country has so far accumulated 0.6% growth this year, which already surpasses economists' initial forecasts for the entire year of 2017.

In light of the numbers released, financial market analysts have already begun revising this year's GDP forecasts upwards. Some of them are already starting to project GDP growth above 1%. According to Meirelles, the GDP data shows strong and widespread growth among the different sectors of the economy.

O crescimento do PIB entre julho e setembro, de 0,1% contra o trimestre anterior, pode parecer baixo, mas é forte se analisado por setores. Sem a agricultura, que caiu por razões sazonais, o crescimento foi de 1,1%

— Henrique Meirelles (@meirelles) 1 de dezembro de 2017

"The July-September GDP growth rate of 0.1% vs. the previous quarter may seem low, but is strong if broken down by sectors. Without agriculture, which fell for seasonal reasons, growth was 1.1%"

Meirelles also said it is important to highlight industry performance between July and September. Output in the sector is up 0.8%, with processing companies alone advancing 1.4% in the period, he explained.

The minister also assessed that the moment is favourable for investments, which also showed recovery in Q3. Compared to the period ended in June, investment growth stood at 1.6%. Meirelles said that the data shows optimism with the future:

O investimento cresceu 1,6% no 3o trimestre. Foi o primeiro resultado positivo após 15 trimestres seguidos de queda. O avanço mostra otimismo em relação ao futuro

— Henrique Meirelles (@meirelles) 1 de dezembro de 2017

"Investment grew by 1.6% in the third quarter. It was the first positive result after 15 consecutive quarters of decline. The increase shows optimism about the future"

In the third quarter of the year, Gross Domestic Product (GDP) grew 1.4% when compared to the same period last year. This was the best quarterly performance since 2013. In practice, this means that Brazil has come out of the crisis, started to produce more wealth, and has now been able to create more jobs and income for the population. Between July and September alone, the country generated R$ 1.64 trillion in wealth. Year-to-date, total output has reached R$ 4.85 trillion.