The breakdown of Brazil’s Q1 GDP figures suggests that the economy is not as strong as the staggering 1.9% q/q rise in output would suggest. Even so, the sharp rise in output has prompted us to revise up our GDP growth forecast for this year to an above-consensus 2.3% (previously 1.0%). We’ve nudged down our 2024 forecast to 0.8% (from 1.0%).
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