Brazil’s gross domestic product rose 0.1% in the third quarter compared to the previous three months and 1.8% year-on-year, reaching USD 602 billion.
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The Brazilian economy grew in the first quarter of the year but rose more—2.2%—compared to the second quarter of 2024, according to official IBGE data.
Brazil’s economy saw 1.4% growth in the first quarter of the year compared to the last quarter of 2024, fueled by agriculture, which was up 12.2%.
Brazil’s gross domestic product saw its largest growth since 2021. The expansion of industry, construction, and household consumption were some of the key drivers. As unemployment reached the lowest unemployment, Brazilians increased their spending.
Over half of Brazilian extractive and transformative industries introduced a new product or process in 2022. Machinery and equipment manufacturers were the most innovative.
All sectors of the economy grew last year, particularly agriculture, which posted a 15.1% expansion from 2022.
Data from government statistics agency IBGE showed that from July to September services and industry grew by 0.6% each, while the agricultural sector contracted by 3.3% from the second quarter.
IBGE estimates that the 2023 cereal, legume and oilseed crop could increase by 12.6%. Soybean production is the main highlight.
This was the sixth consecutive decrease in the indicator of the Brazilian Institute of Geography and Statistics (IBGE).
Industry climbed month on month. Year to date through November, it was down 5.5%.
Estimate for Brazilian economic growth this year was increased from 0.9% to 1.2% after Q3 results.
June-August rate slid from 12.1% from a year ago and 12.3% in March-May 2019.
Central Bank of Brazil revised down the country’s economic growth forecast to 0.8% from 2%.
An Institute of Geography and Statistics (IBGE) survey shows that Brazilians spent 9.3 years in school as of 2018, up from 8.9 in 2016.
