The stronger-than-expected 0.5% q/q rise in Brazilian GDP in Q4 was mainly a result of turnaround in the agricultural sector, which is unlikely to be sustained. And in the meantime, high-frequency indicators for the services and industrial sectors point to weak momentum in Q1. We continue to expect GDP growth of 0.8% over 2022 as a whole, making Brazil the worst performer in the region this year.
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