According to a recent official release by the Central Bank of Brazil (BCB), the economy of Minas Gerais maintained its growth pace in the second quarter of 2022.
Central Bank: current data on the economy of Minas Gerais
The Minas Gerais Regional Economic Activity Index (IBCR-MG) registered expansion of 1.5% compared to the immediately previous quarter, considering seasonally adjusted data, according to official data on the economy regional. The Central Bank of Brazil (BCB) highlights that the segment of services to companies, commerce and industry stood out. In twelve months, the IBCR-MG grew 3.7%.
According to data from the Systematic Survey of Agricultural Production (LSPA) of July, released by the IBGE, grain production in Minas Gerais is expected to grow in 2022, influenced by soybean and corn crops, informs the Central Bank of Brazil (BCB) .
As highlighted by the Central Bank of Brazil (BCB), the intense frost in July last year and the prolonged period of drought (June to September 2021) that affected coffee plantations significantly harmed flowering and should negatively impact the harvest scheduled for this year, which would be a positive biennial.
According to the Central Bank of Brazil (BCB), in the international market, on the other hand, the price of coffee has increased significantly. As a result, in the first seven months of this year, exports of this product and soy were the main influences for the 4.6% increase in the state’s foreign sales.
On the other hand, iron ore sales contributed negatively, due to the recent drop in the price of this commodity, according to the official release.
According to seasonally adjusted data from the IBGE’s Monthly Industrial Survey – Physical Production (PIM-PF), the mining and quarrying industry evolved positively in the second quarter (12.7%), recovering from the retraction suffered with excessive rains in iron ore mines in the beginning of this year.
The Icei de Minas, released by the Federation of Industries of the State of Minas Gerais (Fiemg), registered 57.0 points in July, decreasing in relation to the observed in April. According to the Central Bank of Brazil (BCB), despite the slight drop, influenced by the behavior of the expectations index, the indicator shows confident businessmen for the 24th consecutive month.
Demand indicators in the state showed a marked expansion in the second quarter, compared to the first, with a performance superior to that observed in the Southeast region and in the country, highlights the official release.
THE inflation in the Metropolitan Region of Belo Horizonte (RMBH), measured by the variation of the National Broad Consumer Price Index (IPCA), reduced to 0.02% in the quarter ended in July, with a significant deceleration in relation to the one ended in April (3.61%).
As in the rest of the country, this result reflected, mainly, the effect of tax exemptions on gasoline and electricity that occurred in July, when the index dropped 1.07%.
As a result, there was a negative variation in administered prices and a deceleration of industrialized goods in the quarter, highlights the recent official release of the Central Bank of Brazil (BCB).