The Brazilian GDP increased 1.9% in the first quarter, following a slight drop in the last quarter of the year. This growth was higher than expected, but economic activity is expected to further slow down in 2023. The higher GDP was primarily a reflection of agriculture and livestock, which increased 21.6% following a record soy harvest. Q2 data published by CNI, the National Federation of Industries, shows that manufacturing output is stable, but below of pre-pandemic levels. Most manufacturing industries are still feeling the effects of a more restrictive monetary policy, such as tighter credit, which impacts businesses and consumers.
. Occupied warehouse spaces in Rio de Janeiro has been dropping since 3Q22, but this quarter experienced a positive net absorption.
Download Rio de Janeiro Industrial Market Report Q2 2023