Brazil's President Jair Bolsonaro in Brasilia, Brazil, November 30 2021. Picture: ADRIANO MACHADO/REUTERS
The downturn shows mounting challenges for Latin America’s largest economy. Unemployment stands above 12%, annual inflation is running at a five-year high, and the central bank has unleashed the world’s most aggressive monetary-tightening campaign in 2021. While most countries are enjoying strong growth in the aftermath of the coronavirus, Brazil is losing momentum despite the lifting of pandemic-related restrictions and an expanded vaccination drive.
Brazil’s huge agriculture sector was down 8% on the quarter amid drought and frost, while industry was flat. On the other hand, services and family consumption grew 1.1% and 0.9%, respectively, the statistics agency said.Many of Brazil’s woes are out of its control: disruptions in the world supply chain, climate change that has hurt farmland and higher commodity prices are helping to fuel inflation that will translate into even higher borrowing costs.
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