Climatic factors led to a drop in GDP, says secretariat
Climatic factors led to a 0.1% drop in the Gross Domestic Product (GDP, the sum of all goods and services produced in the country), in the third quarter of this year, compared to the period from April to June. This is the conclusion of the Economic Policy Secretariat of the Ministry of Economy, which released today (2) a note on the GDP result for the third quarter.
"The fall in agriculture had a relevant impact on the GDP of the third quarter of 2021. If the variation of agriculture at the margin were zeroed, the GDP would grow in the order of 0.3% to 0.4% in the third quarter compared to the second quarter of 2021”, says the note.
According to the Brazilian Institute of Geography and Statistics (IBGE), the agricultural sector registered losses of 8%.
“It is essential to distinguish what is economic policy from adverse and punctual climatic factors of nature. The biggest water crisis in 90 years of history and the occurrence of severe frosts had an impact both on energy-intensive sectors and on sectors that depend on the climate, such as agriculture”, assessed the secretariat.
The SPE highlighted that “more important than considering the growth number, is to observe its quality”.
“There is an increase in the savings rate and the investment rate (GFCF/GDP), returning to the level of the beginning of the last decade. In this way, the improvement in the quality of Brazilian GDP growth is highlighted”, says the secretariat.
Job market
The secretariat also highlighted the “recovery of the informal labor market, with a return towards pre-pandemic levels”. The level of occupation is still below pre-crisis levels, and it is expected that it will return to the historical average, which should contribute to economic growth next year”, he pointed out.
The secretariat cited data from the Continuous National Household Sample Survey (PNAD) which showed the creation of 3.6 million jobs in the third quarter, with an average increase of 1.2 million jobs per month.
Text translated using artificial intelligence.
