Economic activity moved R$ 10.9 trillion in nominal values, according to IBGE
The country's GDP (Gross Domestic Product) grew 2.9% in 2023. There was a slight slowdown compared to 2022, when the high was 3%.
In nominal values, the Brazilian economy generated R$10.9 trillion in 2023. IBGE (Brazilian Institute of Geography and Statistics) released the data this Friday (1st March 2024). Here's the complete of the report (2 MB).
Here is the annual trajectory of Brazilian GDP:
There was a 15.1% growth in agricultural activity from 2022 to 2023, which influenced last year's result. The services sector registered an increase of 2.4% and industry increased 1.6%.
The projections of economists sought by the Power360 signaled that the Brazilian economy would grow 3%. The latest estimate from the Focus Bulletin, from analysts interviewed by central bank, showed that Brazil's economy would increase by 2.9% in 2023.
The GDP preview showed that Brazil's economy advanced 2.45% in 2023. The index is measured by the IBC-Br (Economic Activity Index) of the Central Bank.
Already the GDP Monitorwhich is made by FGV (Fundação Getulio Vargas), increased by 3.0%.
4TH QUARTER
In the 4th quarter of 2023, GDP was stable (0%) compared to the 3rd quarter of 2023. Industry grew 1.3% and the services sector rose 0.3%.
Agriculture, in turn, fell 5.3% in the period. The largest harvests were concentrated in the 1st half of last year.
UNDERSTAND GDP
The Gross Domestic Product is the sum of everything the country produced in a given period. It is one of the most important indicators of an economy's performance.
The official result is calculated in two ways by IBGE: from a supply perspective, which considers everything that was produced in the country, and from a demand perspective, which considers everything that was consumed.
On the supply side, the following are considered:
- the industry;
- the services;
- agriculture.
On the demand side, the following are considered:
- family consumption;
- government consumption;
- investments;
- exports minus imports.
The result is presented quarterly by IBGE, which has up to 90 days after the end of a period to make the announcement. Consolidated data, however, will only be ready after 2 years.
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