The much faster-than-expected Brazilian Q2 GDP growth figure of 0.9% q/q suggests that the economy is in stronger health than many – ourselves included – had thought. We think growth will be weaker over the second half of the year, but given the Q2 figure and the resilience of some of the latest surveys, the economy is on course to expand by around 3.5% over 2023 as a whole (our previous forecast was 2.3%).
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