During the fourth quarter of 2021, the year-on-year growth rate of Brazil’s GDP stood at 1.56%, keeping on track with the economic recovery that began in the third quarter of 2020, although at a lower growth pace. The year-on-year growth rate of industrial production index decreased significantly compared to the previous quarter to a growth rate of -5.49%. As for the labor market, the unemployment rate in the fourth quarter of 2021 was 11.60%, registering a decrease compared to the third quarter of 2021. The Brazilian real depreciated against the dollar, setting the exchange rate at 5.58 R$/USD. Finally, inflation stood at 10.49%, after an increase compared to the previous quarter.

Macroeconomic outlook report: Brazil 4Q21

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Macroeconomic overview

For more information access the executive document in pdf (available in Spanish and Portuguese).