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Itaú Following Yesterday’s Poorer Activity Data

  • The monthly GDP increased just 3.3% Y/y, below Itaú's forecast of 3.6% and market consensus of 4.0%. At the margin, the monthly GDP fell 0.5%, below the consensus of -0.2%, dragged by the services sector which fell by 0.9%, while industrial production registered a null expansion.
  • Within industrial production, the construction sector increased 0.7% mom/sa, mitigating the 0.5% decline of the manufacturing sector.
  • Itaú’s GDP growth forecast for 2022 stands at 2.9%. For 2023, they expect GDP growth of 1.3%, reflecting a soft U.S. economic expansion.

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