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2023
0.1% of GDP comes from remittances from the United States
GDP growth of 2.9% to 10.9 trillion reais
At the end of 2023 GDP Brazil , it amounted to approximately 10.9 trillion Brazilian reais (about $1.9 trillion at the exchange rate as of August 5, 2023). This is 2.9% more than the result for the previous year. Such data in early March 2024 was published by the Brazilian Institute of Geography and Statistics (IBGE).
In the period from 2022 to 2023, agricultural activity showed an increase of 15.1%, which affected Brazil's GDP indicators. The increase in the field of industry and services was recorded at 1.6% and 2.4%, respectively. GDP per capita reached 50,194 reais ($8762.4), which is 2.2% more than in 2022. mining The industry indicators had a positive impact on the country's GDP in 2023. Activity in this area rose 8.7% due to an increase in oil and natural gas production, as well as iron ore.
In terms of demand, consumer spending of households was noted, which increased by 3.1% compared to 2022. It is said that state cash transfer programs have significantly helped increase household consumption, especially food and essential goods. Imports of goods and services fell 1.2% in 2023, while exports rose 9.1%. Government consumption rose 1.7% for the year. In the service sector, all activities have grown, in particular, the financial industry, insurance and related services showed an increase of 6.6%.
It is noted that the economy of Brazil is influenced by the growth in the production of corn and soybeans, as well as the extraction of oil and iron ore. Of the total GDP value of 10.9 trillion reais, 9.5 trillion reais are related to added value in base prices, while 1.4 trillion reais are attributable to product taxes minus subsidies. The level of investment in 2023 was 16.5% of GDP, which is lower than in 2022.[1]
Eighth in the world in GDP by PPP
2.1% growth forecast
2022
2.9% GDP growth
In 2022 Brazil , the economy grew by 2.9%. This is evidenced by data from the Brazilian Institute of Geography and Statistics, which were published in early March 2023.
In the fourth quarter of 2022, GDP fell 0.2% compared to the previous quarter, data from the Brazilian Institute of Geography and Statistics (IBGE) showed. This was the first quarterly decline in Brazil's economy since mid-2021, it came amid rising interest rates.
The volume of production in the processing sector in 2022 decreased by 1.4%, in construction the decline was 0.7%, in the communal sector 0.4%. According to IBGE, the agricultural sector recorded growth of 0.3%, and the services sector, which accounts for about 70% of the Brazilian economy, saw a rise of 0.2%.
Growth in 2022 was in the industry segment, which grew by 1.6%. Brazil's economy was held back by a 1.7% contraction in a major farming sector, driven largely by a drop in soybean production, Brazil's main agricultural crop.
According to IBGE, in 2022, consumer spending and government spending in Brazil increased by 0.3%, but investment in Brazilian business fell by 1.1%. State exports in the fourth quarter of 2022 grew by 3.5% compared to the previous quarter, while imports fell by 1.9%.
The biggest contributor to growth in 2022 was the services sector, which climbed 4.2%, followed by industry, which grew 1.6%. The economy was held back by a 1.7% contraction in the major farming sector, driven largely by a drop in soybean production, Brazil's main agricultural crop.
According to Reuters, the annual growth of Latin America's largest economy in 2022 was also facilitated by an increase in government spending by former President Jair Bolsonaro, who increased social spending ahead of the Brazilian presidential election.[2]
Eighth in the world in PPP GDP after Indonesia
In August 2023, the World Bank updated its PPP GDP estimates for the world at the end of 2022.
Brazil's share of global PPP GDP fell to 2.3%
Main article: World Economy
GDP estimate - $1.9 trillion
GDP size forecast - $1.8 trillion
2021: GDP size - $1.65 trillion
2020: Brazil's GDP rises 316% in 20 years
2018: 2.18% of global GDP, 9th in the world
See also
Notes
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