Banks estimate that the Brazilian economy will grow by 2.92% in 2023. This is the fifth week in a row of upward revisions.
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The international financial institution raised its forecast for Brazil’s economic growth in 2023. The estimate for the global economy was also raised.
Brazil’s GDP grew over the previous quarter in the first three months of this year, driven by increased soybean production.
The country’s economy grew last year compared to 2021, mainly driven by services and industry. Agriculture was down.
The IMF improved Brazilian growth forecasts in its report published on Tuesday (31). Brazil and Mexico drove up the projections for Latin America and the Caribbean.
Brazil’s economy grew slightly from the second quarter, but it expanded 3.6% from a year earlier.
Paulo Guedes told a group of worldwide dignitaries in Washington about Brazil’s economic recovery.
The national institution increased its estimate for Brazilian GDP growth in 2022, which in March was at 1%. Household consumption and investment in production could be some of the main boosters.
The Institute of Applied Economic Research has revised down the Brazilian economic growth in 2021 from 4.8% to 4.5%.
Brazil’s GDP fell in comparison to the previous three months. Still, there was a 4% increase compared to 2020, the year in which the pandemic hampered economic activity.
Due to foreign trade performance, the International Monetary Fund projects an increase of 5.3% for the country’s GDP this year, 1.6% above the April estimate. For next year, however, the outlook has worsened.
According to a Central Bank indicator, the economy picked up in Q1 2021 from Q4 2020.
Central Bank’s index showed a month-on-month economic growth last January.
The country’s economy shrank in the quarter that ended in April but grew in the month over the same period of 2017.
