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Report published August 28, 2026

Latam Week Ahead: Brazil Growth Momentum Softened During 2Q2026

Source and citation context

Report date
August 28, 2026
Analysis as of
Not stated in source

Authors / editors: Alberto Ramos (Analyst), Sergio Armella (Analyst), Santiago Tellez (Analyst)

Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Weekly UpdateMacro Economic IndicatorsOther

Goldman Sachs lowered its Brazil 2Q26 real GDP growth forecast by 20bp to 0.4% qoq sa and reduced its full-year 2026 GDP projection to 2.0%. Growth momentum slowed across domestic demand, consumption, and gross fixed investment amid tighter monetary conditions.

Key Takeaways

  • 1.Goldman Sachs lowered its Brazilian sequential 2Q26 real GDP forecast by 20bp to 0.4% qoq sa (1.9% yoy nsa), down from 1.1% qoq sa in 1Q26.
  • 2.Goldman Sachs lowered its full-year 2026 Brazil GDP growth forecast to 2.0% from 2.2%, citing downside risks.
  • 3.Domestic demand softened significantly, with household consumption, gross fixed investment, and government consumption growth moderating alongside tighter financial conditions.

Table of Contents

  • LATAM Week Ahead: Growth Momentum Softened During 2Q2026 in Brazil
  • Real GDP and Domestic Demand Growth Momentum Softened During 2Q26
  • Real GDP Growth Softened During 2Q2026 (IBC-Br)
  • DATA NEXT WEEK:
  • Disclosure Appendix

Report data

Real GDP and Domestic Demand Growth Momentum Softened During 2Q26

MetricEstimateContext
Real GDP Growth (Brazil)0.4 % qoq saGoldman Sachs forecast for 2Q26 real GDP growth in Brazil, revised down by 20bp
Full Year Real GDP Growth (Brazil)2.0%Revised down from 2.2%
IBC-Br Activity Index (Brazil)0.2 % qoq saWeak activity readings with 3mma sa slipping to -0.12%
Source: Goldman Sachs Global Investment Research; BCB. This is a dated model snapshot, not a live forecast.

Reports in this series

LATAM Week Ahead is shown in chronological order through this edition, published on August 28, 2026.

Part of the LATAM Week Ahead series — view all 8 editions

Looking for the latest edition? LATAM Week Ahead Brazil Copom ( 25bp to 13 (Sep 11, 2026)

  1. May 10LATAM Week Ahead MPC Meeting in Peru (Hold at 4.25)
  2. Jun 6LATAM Week Ahead Presidential Election Runoff and MPC Meeting in Peru (Hold at 4.25)
  3. Jun 12LATAM Week Ahead Copom in Brazil (-25bp to 14.25)
  4. Jul 3LATAM Week Ahead: MPC Minutes in Mexico; MPC Meeting in Peru (Hold at 4.25%)
  5. Aug 7LATAM Week Ahead MPC Meeting in Peru (+25bp to 4

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Authors / Editors

Alberto Ramos · AnalystSergio Armella · AnalystSantiago Tellez · Analyst

Reported Data Context

  • Real GDP Growth (Brazil): 0.4 % qoq sa (2Q26) · Source: Goldman Sachs Global Investment Research
  • Full Year Real GDP Growth (Brazil): 2.0 % (2026) · Source: Goldman Sachs Global Investment Research
  • IBC-Br Activity Index (Brazil): 0.2 % qoq sa (2Q26) · Source: BCB

Themes

Brazil GDP Growth ModerationLatin American Macroeconomic Preview

Regions

Latin AmericaBrazilArgentinaChile

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Goldman SachsWeekly UpdateMacro Economic Indicators

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