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Brazil’s real GDP increased by 12.4% y/y in Q2 2021, on the back of a low base effect, due to the severe impact of the first COVID-19 wave last year. The country’s economy was given a huge boost from the general industry, which expanded by 17.8% y/y, as many factories paralysed between April and June 2020. Moreover, the services sector, which represents most of the country’s GDP, returned to the positive territory in Q2 2021, growing by 10.4% y/y. By the end of the year, Brazil’s GDP is expected to grow by 5.15% y/y, recovering part of the economic activity lost in 2020. 

ISI Emerging Markets Group Brazil Research Economist, Adriano Morais, explores the performance of the economy in Q2 2021, and what the high-frequency indicators of the economy are signalling.