With a robust Harvest Plan coupled with support and development tools organized by the government, Brazil’s agriculture and livestock sector is expected to generate record wealth for Brazil in 2017. Studies show that the segment is likely to grow around 10.74% this year, adding over R$ 30 billion (some US$ 10bn) to the country's GDP.
Brazil's Finance Minister, Henrique Meirelles, said on Monday that he expects the economy to grow at around 3% in 2018. His statement was made a few minutes after a ministerial meeting at the Planalto Palace, at a time when the government is preparing itself to confront a new charge against President Michel Temer.
Brazilian Central Bank President Ilan Goldfajn said that Latin America's largest economy remains weak though it is on course to show modest growth next year. In an interview with a São Paulo radio station, he said Brazil may achieve growth of 2% in 2018 if the economy continues expanding at its current pace.
Brazil revealed mixed economic reports: record trade surplus, slight drop in unemployment and a stable industrial output. The July trade surplus was US$6.298, according to government data. Exports totaled US$18.769 billion and imports US$12.471 billion. This follows a surplus of US$7.195 billion in June.
Speaking during the G20 summit in Hamburg, Germany, Henrique Meirelles gave more details about Brazil's economic recovery trajectory.
Encouraging news for Brazil's economic recovery: industrial output increased in April for the first time since December and the trade surplus rose to a record US$ 7.661bn during May, according to government data. Exports boosted by a record soy crop and rising auto sales reached US$ 19.8bn and imports US$ 12.2bn
Retail sales in Brazil unexpectedly fell in March at the steepest monthly rate in 14 years, strengthening bets on a bolder interest rate cut at the end of this month. Sales volumes excluding cars and building materials fell 1.9% in March from February, government statistics agency IBGE said. Sales fell 4.0% from the year-earlier period.
Brazil's economy will post growth of between 0.7% and 0.8% in the first quarter, turning the corner on a two-year recession, Finance Minister Henrique Meirelles said this week. In an interview with GloboNews cable channel, Meirelles said Brazilian companies will have to start to restock inventories and draw up investment plans.
Brazil's jobless rate rose to a record for the fifth straight month in March with more than 14 million workers unemployed, government data showed on Friday, illustrating the hardships caused by the country's deepest recession ever.
Economic activity in Brazil grew in February at the fastest pace since January 2010, a central bank indicator showed this week, in the strongest sign yet that Latin America's largest economy is emerging from a two-year recession. Bumper harvests are expected to have lifted agricultural production in the first quarter of the year, while industrial output improved on a pickup in car exports.