Brazil reports smaller drop in GDP in 2020

Brazil´s statistics agency IBGE revised the fall of the Gross Domestic Product (GDP) - the sum of all goods and services produced in the country, to 3.3 percent in 2020. Previously, it had been disclosed that the Brazilian economy had shrunk by 3.9 percent in the first year of the pandemic. According to IBGE, in 2019, Brazil's GDP had grown by 1.2 percent.

The revision released today (Oct. 4) was mainly due to the incorporation of new information on services, which went from a 4.3 percent drop, in preliminary data, to a 3.7 percent pullback in the current consolidated data.

The drop in industry was revised from -3.4 percent to -3 percent, while growth in agriculture and livestock was revised from 3.8 percent to 4.2 percent.