Nonfarm business labor productivity (output per hour) rose 1.4% at an annualized rate in the second quarter of 2026 and 2.2% from the same quarter a year earlier (See Chart 2). The result combines a 1.7% increase in output with a mere 0.3% rise in hours worked.
For the third consecutive election, Brazil is once again debating two competing visions for the country that, at their core, have been familiar since 2018. On one side, the Workers’ Party (PT) continues to see the state as a key driver of economic development. On the other, the Bolsonaro camp advocates a smaller state and a greater role for the private sector. The slogans and circumstances change, but the core of the debate remains largely the same.
