Brazil’s GDP grew slightly in 2023

Brazil's Gross Domestic Product index grew 2.9% in 2023 according to data from the Brazilian Institute of Geography and Statistics

The Brazilian Institute of Geography and Statistics (IEBG) reported a slight growth of 2.9 % in the GDP of the South American country in 2023.

According to the information released on Friday, March 1, by the IBGE, the agricultural sector showed the greatest expansion last year, “with a year-on-year boost of 15.1 %, mainly due to the growth in production and the increase in productivity.”

The services sector also experienced growth of 2.4 %, thanks, among other factors, to the good performance of financial activities, the insurance and related intermediation services sectors (with an expansion of 6.6 %).

On the other hand, “the secondary sector grew 1.6 % in 2023, positively influenced by the performance of extractive industries, which increased by 8.7 % due to the increase in oil and natural gas extraction.”

In the areas of related activities, such as electricity and gas, water, sewage and waste management, an increase of 6.5 % was seen.

The country also experienced an increase of 3.1 % compared to 2022 in terms of demand, where family consumption spending stands out. At the same time, government consumption spending grew 1.7 %.

According to the IBGE, “gross fixed capital formation contracted 3 %. Meanwhile, imports of goods and services fell 1.2 % in 2023 while exports grew 9.1 %.”


Source: americaeconomia

(Reference image source: Unsplash+, in collaboration with Getty Images)

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