INSUBCONTINENT EXCLUSIVE:
The latest data from the Brazilian Institute of Geography and Statistics (IBGE) reveals a robust 1.1% increase in service volume for
October.This growth surpasses market expectations
This impressive performance has pushed the sector 17.8% above pre-pandemic levels, highlighting its resilience and adaptability.From January
to October 2024, the volume of services provided in Brazil rose by 3.2% compared to the same period in 2023
The transportation, storage, and postal services segment stood out with a remarkable 4.1% increase in October.All four modes of transport
registered growth, with air transport leading the pack at an astounding 27.1% monthly increase
GDP Growth to 3.5% in 2024
history dating back to 2012.Following a 7.8% decline in 2020 due to the pandemic, the sector rebounded strongly with increases of 10.9% in
2021, 8.3% in 2022, and 2.9% in 2023.Economic OutlookEconomists attribute this sustained growth to a buoyant job market and rising household
Despite concerns about inflationary pressures and higher interest rates, consumer confidence remains high, fueling demand for services.The
services provided to the families segment have been particularly consistent throughout 2024, maintaining the sector at elevated levels
Looking ahead, experts anticipate continued growth in the service sector, projecting a strong finish to the year.While some moderation is
Analysts project GDP growth of around 3.5% for 2024, with the service sector playing a pivotal role in achieving this target.As Brazil
This provides a solid foundation for sustained growth and economic stability in the coming years.
