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GDP & Trade Balance Data, Budget Bill Proposal Sent To Congress

BRAZIL
  • In Brazil, GDP data should indicate that growth lost steam in the second quarter. GDP probably rose by 2.7% Y/y in Q2 after rising 4.0% in the prior reading. Additionally, trade balance data for August is scheduled.
    • 1300BST/0800ET: Q2 GDP Q/q, est. 0.3%, prior 1.9%
    • 1300BST/0800ET: Q2 GDP Y/y, est. 2.7%, prior 4.0%
    • 1400BST/0900ET: S&P Global Brazil Manufacturing, prior 47.8
    • 1900BST/1400ET: Aug. Trade Balance Monthly, est. $10b, prior revised to $8.89b
  • The government has sent the 2024 budget bill proposal to Congress, of which planning minister Simon Tebet described as being very well balanced. Tebet said the administration is delivering a budget with the aim of reaching zero deficit in 2024.
    • The 2024 budget proposal predicts that the government will raise 10.44 billion reais with the end of the Interest on Equity mechanism, know as JCP. Taxation of closed-end funds is forecast at 13.3 billion reais for next year. Offshore taxation is estimated at 7 billion reais.
    • The main additional source of revenue for closing accounts is change in CARF rules, standing at 97.8 billion reais. Revenues and public spending are seen at 19.2% of GDP, with a balanced primary result. (BBG)
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