The brazilian economy grew by 2.9% in 2023, in the first year of the president’s government Luiz Inácio Lula da Silvathus chaining three consecutive years of expansion, official sources reported this Friday.
In the fourth quarter, the gross domestic product (GDP) registered stagnation compared to the third quarter, which represents the worst quarterly data in 2023, according to data from the Brazilian Institute of Geography and Statistics (IBGE).
The growth in 2023, lower than the previous year (3%), is mainly supported by the strength of the agricultural sector (15.1%) and the 2.4% increase in services, while industry registered a growth of 1.6%.
For the year as a whole, the Brazilian economy, the largest in Latin America, produced 10.8 billion reais (about US$2.2 billion).
From the point of view of demand, the GDP supported its growth in domestic consumption (3.1%), data supported by the increase in salaries, the cooling of inflation and government income transfer programs, as highlighted by the IBGE. it’s a statement.
Meanwhile, public spending advanced 1.7% and gross fixed capital formation fell 3.0%, with a sharp drop in investments in machinery and equipment (-9.4%).
GDP per capita reached 50,193.72 reais (US$ 10,121) in 2023, which represents an increase of 2.2% compared to the previous year.
In the foreign sector, exports of goods and services grew by 9.1%, while imports fell by 1.2%.
The Brazilian economy is expected to experience a sharp slowdown in 2024, when GDP could register an increase of between 1.5% and 1.7%, according to different forecasts.
Source: Gestion
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