IBGE revises GDP 2018 to higher high, from 1.3%

The Brazilian economy grew more in 2018 than previously disclosed. On Tuesday (3), the Brazilian Institute of Geography and Statistics (IBGE) revised to 1.3% the growth of gross domestic product (GDP) last year. In February, when official data came out, the growth reported was 1.1% over the previous year. IBGE routinely revises the GDP of the previous year when the third quarter results were released - also on Tuesday, the institution pointed out that the economy grew 0.6% between July and September, compared to the previous three months. At the beginning of the month, IBGE also announced that the increase in the Brazilian economy was also higher in 2017, of 1.3%, compared to 1.1% previously reported. According to IBGE, the biggest change in data in 2018 came from agriculture, the result of which was revised from a 0.1% increase to an expansion of 1.4%. "This is largely due to the incorporation of new annual structural sources of IBGE, not available in the previous compilation, such as Municipal Agricultural Production (WFP), Municipal Livestock Production (PPM) and the Production of Plant Extraction and Forestry (Pevs)," says the institute. The industry, on the other hand, had a slight reduction from 0.6% to 0.5% and services ranged from 0.2 p.p. from 1.3% to 1.5%. In industry, the revisions are due to the updating of primary data, including the Monthly Industrial Survey (PIM-PF). In the Services, the volume indexes of some activities were reviewed due to the updating of the primary data. From the perspective of expenditure, the differences are due to revisions on the supply side.