The growth rate of Brazil's GDP (gross domestic product) in 2023, which is the largest economy in South America, will be 2.9% higher than the previous year, the third consecutive year of positive growth, due to increased production of agricultural products such as soybeans. It has grown.
Brazil's Geographical and Statistical Institute announced on the 1st that the GDP growth rate for last year was +2.9% compared to the previous year.
The GDP growth rate is on par with the previous year's +3%, marking the third consecutive year of positive growth since 2021, when the impact of the new coronavirus on economic activity eased.
Among these, the "agriculture and livestock industry" saw a significant increase of 15.1% due to increased production of soybeans and corn, Brazil's main agricultural products.
In addition, the "industry" sector also increased by 1.6% due to an increase in the production of natural resources such as oil and iron ore, and the "service" sector also increased by 2.4%.
Brazilian President Lula said on his social media account, ``We achieved growth that far exceeded our expectations. We are committed to high-quality growth and improving people's lives.''
Brazil's central bank predicts that the growth rate for this year will be a positive 1.7%, as personal consumption is expected to remain strong going forward.