During the second quarter of 2022, the year-on-year growth rate of Brazilian GDP stood at 3.12%, continuing the economic recovery started in the third quarter of 2020, and increasing the pace of growth compared to the previous quarter. Regarding the labour market, the unemployment rate in the second quarter of 2022 was 9.87%, decreasing compared to the first quarter of 2022. The Brazilian real appreciated against the dollar, bringing the exchange rate to 4.92 R$/USD. Finally, inflation stood at 11.92%, after an increase compared to the previous quarter.
Macroeconomic outlook report: Brazil 2Q22
Macroeconomic overview
- The year-on-year growth rate of Brazilian GDP stood at 3.12%, 1.79 p.p. higher than in the previous quarter. This acceleration in GDP was due to the improvement in the services sector and in industrial production.
- Regarding the labour market, the unemployment rate decreased by 1.30 p.p. compared to the previous quarter, standing at 9.87% in 2Q22.
- The exchange rate decreased by 0.31 reais per dollar compared to the previous quarter, registering an average exchange rate of 4.92 R$/USD in 2Q22.
- The Brazilian inflation rate increased in 2Q22 by 1.18 p.p. compared to 1Q22, standing at 11.92%.
For more information, access the Macroeconomic Outlook Report of Brazil 2Q22 (avalaible in Spanish and Portuguese).