A turbulent start to the year

In retrospect, and despite many challenges, the Brazilian economy performed better than expected in 2022. GDP is estimated to have grown 3%, while core inflation is showing signs of easing, due to the lagged effects of monetary policy. In spite of a highly contested election, the Brazilian real appreciated against the dollar. The public sector ended the year with a primary surplus and the government’s gross debt plummeted as a proportion of GDP. The year’s trade figures were also healthy.

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