Brazil’s statistics agency IBGE will revise the country’s third quarter GDP figures, it said, after upward revisions to export data this week suggested growth may have been stronger than first estimated.
IBGE data on Tuesday showed that Brazil’s gross domestic product expanded by 0.6% quarter on quarter in July-September, faster than the preceding quarter’s 0.4% growth. However, the Economy Ministry on Monday revised up September-November exports by US$ 6.5 billion, of which September accounted for US$ 1.37 billion, and that had not been taken into account.
“The export revisions have not yet been incorporated (into GDP), as they was published on the eve of the third quarter figures,” IBGE said in a statement. Net trade was a drag on growth in the third quarter, with exports falling 2.8% quarter on quarter, according to IBGE’s original GDP estimate.
The newly revised GDP figures for the third quarter will be released on March 4 along with fourth quarter data.