SAO PAULO (AP) — Brazil’s financial system grew 2.9% in 2023, information from the federal government’s statistics company confirmed on Friday, beating expectations for President Luiz Inacio Lula da Silva’s first yr in workplace.
The numbers launched by IBGE impressed many economists, whose total forecast early final yr was for development of simply 0.8% in 2023.
Brazil’s financial system will develop by 3% in 2022, thanks partly to the federal government spending plan promoted by the then president Jair Bolsonaro Throughout his failed re-election bid.
Credit score rankings company Austin Scores stated Brazil’s financial system now ranks ninth on the planet, based mostly on preliminary gross home product information launched on Friday. The South American nation’s GDP final yr reached $2.17 trillion, forward of Canada and Russia, the report stated.
Brazil’s statistics company stated document soybean and corn manufacturing in Brazil helped the general efficiency.
“Agriculture accounted for about one-third of Brazil’s financial development final yr,” IBGE coordinator Rebeca Palis stated in an announcement.
After saying the outcomes, the federal government stated it anticipated development to be 2.2% in 2024, once more greater than market expectations. Lula stated at a public discussion board that he hopes to push this yr’s determine above 3% by attracting extra overseas funding to Brazil.