Agriculture experienced the largest expansion during the year, with a year-on-year boost of 15.1%, mainly due to production growth and increased productivity.
Brazil's Gross Domestic Product (GDP) grew by 2.9% in 2023 compared to the previous year, as reported this Friday by the Brazilian Institute of Geography and Statistics (IBGE).
Agriculture experienced the largest expansion during the year, with a year-on-year boost of 15.1%, mainly due to production growth and increased productivity.
The services sector followed far behind, which grew by 2.4%, achieving this positive figure, among others, due to the good performance of financial activities, insurance and related intermediation services (with an expansion of 6.6% ).
The secondary sector grew by 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. Electricity and gas, water, sewage and waste management activities also stand out, with an increase of 6.5%.
From a demand perspective, family consumption spending stands out, which increased by 3.1% compared to 2022. Meanwhile, government consumption spending grew by 1.7%. On the other hand, gross fixed capital formation contracted by 3%.
Meanwhile, imports of goods and services fell 1.2% in 2023 while exports grew 9.1%.
GROWTH OF 2.1% IN THE FOURTH QUARTER
Meanwhile, Brazil's GDP in the fourth quarter had a growth of 2.1% compared to the same period of the previous year, while it remained stable, with a variation of 0% compared to the third quarter of 2022.
Compared to the fourth quarter of 2022, agriculture recorded stability, while industry increased by 2.9% and services by 1.9%.
Again from a demand perspective, household consumption spending grew by 2.3%. Government consumer spending also increased in the period, by 3%. On the contrary, gross fixed capital formation fell by 4.4%. In the external sector, exports of goods and services grew by 7.3% while imports of goods and services fell by 0.9%.
For its part, compared to the third quarter, industry grew by 1.3%, while services had a variation of 0.3%. On the contrary, agriculture fell 5.3%.
From a demand perspective, there was growth in gross fixed capital formation and government consumption expenditure (both 0.9%), while household consumption expenditure showed a negative variation of 0.2%.
Regarding the foreign sector, exports of goods and services remained practically stable (0.1%), while imports of goods and services increased by 0.9% in this comparison.
