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A 15% increase in agriculture boosted the growth of the Brazilian economy in 2023

The advance of the sector is the greatest in the historical series disclosed by the Brazilian Institute of Geography and Statistics, which has contributed to the country's Gross Domestic Product growing by 2.9%.


Soya harvesting in Brazilian cropfields.

Driving the growth of the country's economy, Brazilian agriculture grew by 15.1% in 2023, with a total of 677.6 billion Brazilian reais. The sector had the largest increase among activities and was directly reflected in the Gross Domestic Product (GDP) of Brazil, which increased 2.9% compared to the previous year, with R$ 10.9 billion. The information comes from the Brazilian Institute of Geography and Statistics (IBGE), which published the data this Friday.

The annual growth of the agricultural sector was the highest in the historical series of the research, which began in 1995. According to the report, the increase was mainly due to the growth of production and the increase in productivity in agricultural activity. The Systematic Survey of Agricultural Production (LSPA/IBGE) revealed that several crops recorded production growth in 2023, highlighting soybeans (27.1%) and corn (19.0%), which reached record productions in the Historical series.

“Once again, agriculture boosted Brazilian economic activity, despite adverse weather conditions and flattening commodity prices. The Federal Government worked hard to adopt measures to support the sector. We expanded lines of credit, opened markets and created jobs,” highlighted the Minister of Agriculture and Livestock, Carlos Fávaro. “We will have more challenges in 2024, but we will continue working and generating opportunities,” he added.

In Brazil, the Services and Industry sectors also performed well, with increases of 2.4% and 1.6%, respectively. From a demand perspective, growth was driven by household consumption (3.1%), government consumption (1.7%) and exports (9.1%). The 1.2% drop in imports also contributed to the result.

Comparing the third half of the year with the fourth, Brazilian GDP remained stable. Comparing the fourth quarter of 2023 with the same period of the previous year, there was an increase of 2.1%.

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