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Brazil’s services sector grows 1.8 percent in September

. Nov 12, 2020
services brazil Photo: Alf Ribeiro/Shutterstock

Already in recovery, Brazil’s services sector — which accounts for 70 percent of the country’s GDP — grew 1.8 percent in September compared to the previous month, according to a report by the Brazilian Institute of Geography and Statistics (IBGE). Along with new Covid-19 cases reaching their lowest levels since May, September’s results mark the fourth consecutive month of growth for the key sector. 

Over the last four months, services have grown 13.4 percent, though has yet to recoup the 19.8 percent drop seen between February and May, when the Covid-19 pandemic rocked the country.

Much to improve 

Before the Covid-19 outbreak, the National Confederation of Commerce and Tourism (CNC) projected a 2.1 percent increase for the sector in 2020. Hopes for any yearly growth have been put to one side with the pandemic, and even returning to pre-Covid-19 levels will be a gargantuan task.

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Lucas Berti

Lucas Berti covers international affairs — specialized in Latin American politics and markets. He has been published by Opera Mundi, Revista VIP, and The Intercept Brasil, among others.

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