It was the fourth consecutive quarter of growth, lifting economic activity 3% above its pre-pandemic level, and just shy of its all-time high in the first quarter of 2014.
Bolsonaro, who trails leftist former President Luiz Inácio Lula da Silva in opinion polls, has focused his efforts on economic initiatives to boost his popularity, boosting cash handouts to low-income families and adopting fiscal measures. to curb inflation.
The fuel tax exemptions were due to expire this year, but after a campaign compromise, the president has already extended them through 2023 in a budget bill sent to Congress.
Second quarter GDP was mainly underpinned by a 1.3% increase in services. The sector, which has reacted strongly after the blow suffered by the pandemic, accounts for 70% of the economy. At the same time, industry expanded 2.2% and agriculture grew 0.5%.
“The result shows a consolidation of the resumption of economic activity, even with the impacts of the conflict in Eastern Europe and the persistent effects of the pandemic,” the Ministry of Economy said in a statement. Echoing the recent speeches of Minister Paulo Guedes, who predicted that the economy would grow more than 2.5% this year, the ministry said that activity has been supported by the good performance of services, the recovery of employment and a high level of private investment.
Brazil’s jobless rate fell to 9.1% in the quarter through July, the lowest level in nearly seven years.
Source: Ambito
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