Brazil's economy annually expands 3.6% in Q3

South America’s largest economy saw its GDP grew 0.4% on quarterly basis

By Ovunc Kutlu

ISTANBUL (AA) – Brazil’s economy expanded 3.6% on annual basis in this year’s third quarter, according to official figures released on Thursday.

The market expectation for GDP was an annual gain of 3.7%, after South America’s largest economy expanded 3.2% in the second quarter.

On a quarterly basis, Brazil’s GDP was up 0.4% in the July-September period, according to the Brazilian Institute of Geography and Statistics (IBGE).

That was also lower than the market estimates of a 0.7% quarterly gain, following a 1.2% expansion in the year’s second quarter.

In the third quarter, investment rate was 19.6% of the GDP, which was above the 19.4% rate in the same period of last year, the IBGE said in a statement.

The savings rate, however, was 16.2% of the GDP, lower than the 17.2% level in the third quarter of 2021, it added.

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