The outlook for the major global economies improved in 1Q23 compared to year-end expectations. However, the continued war in the Ukraine, the inability to provide new stimuli due to high levels of country debts following Covid, limited supplies of energy and other commodities, and tighter access to funding due to inflation have kept activity levels down. In Brazil, GDP grew by 2.9% in 2022, following from 5.0% of growth in 2021, and a 3.3% drop in 2020. From the perspective of supply, industry and services grew, while agriculture and ranching slowed down. Services were the largest contributor to annual GDP growth, in particular transportation.
First quarter results suggest a challenge scenario for the real estate market in Rio de Janeiro. Demand indicators show slow-downs and an increasing supply of vacant spaces.
Download Rio de Janeiro Industrial /Logistics Market Report Q1 2023