GDP-FGV monitor points out that January 2023 was stagnant in economic activity

January 2023 was stagnant in economic activity when compared to December 2022, in the seasonally adjusted series. This is what the PIB-FGV Monitor presents, a report that describes the main results of agriculture, industry and services. In the interannual comparison, economic growth in January was 4.1%. On a quarterly basis, the economy grew by more than 2% in the moving quarter ending in January. Research coordinator, economist Juliana Trece, explains that since last year, more than 80% of growth in the country was related to the service sector, but it already came from a scenario with high interest rates. However, 2023 started with poor performance in the services sector and, therefore, a slowdown in economic activity was already expected.

The coordinator points out that 2023 will be a year of great challenges for the sector. “The expectation is for growth, but in a smaller number than we had last year. Last year we had several service sectors, several activities, collaborating: commerce, transport. This year is in agriculture and focused on agriculture. The harvest expectation is really very good, but any problem with rain, harvest, could end up disturbing this performance. This, I think, is a weakness”.