Brazil's GDP expanded 4% year-on-year in Q1 2023, accelerating from a 1.9% advance in the previous period and above forecasts of 3%. The services sector grew 2.9% and all service activities showed positive growth; industry rose 1.9%, with extractive industries registering the best results due to higher oil and gas extraction and iron ore mining. On the other hand, the manufacturing sector declined by 0.9%, amid decreases in the production of chemicals, metallurgy, wood products, non-metallic mineral products, and machinery and equipment. On the expenditure side, consumer spending by households increased by 3.5%, supported by real wage growth, increased credit availability, and lower inflation; government consumption went up by 1.2% and gross fixed capital formation edged up by 0.8%. For 2023, the Finance Ministry expects 1.9% growth, amid better-than-anticipated agricultural output and a stronger services sector due to government measures that increased disposable income. source: Instituto Brasileiro de Geografia e Estatística (IBGE)

GDP Annual Growth Rate in Brazil averaged 2.45 percent from 1991 until 2023, reaching an all time high of 12.40 percent in the second quarter of 2021 and a record low of -10.10 percent in the second quarter of 2020. This page provides - Brazil GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Brazil GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

GDP Annual Growth Rate in Brazil is expected to be 0.90 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Brazil GDP Annual Growth Rate is projected to trend around 2.00 percent in 2024, according to our econometric models.

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Brazil GDP Annual Growth Rate



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-03-02 12:00 PM Q4 1.9% 3.6% 2.2% 2.1%
2023-06-01 12:00 PM Q1 4% 1.9% 3% 2.7%
2023-09-01 12:00 PM Q2 4% 2.7% 2.5%


Related Last Previous Unit Reference
GDP Growth Rate 1.90 -0.20 percent Mar 2023
GDP Annual Growth Rate 4.00 1.90 percent Mar 2023
GDP Constant Prices 320530.49 314917.53 BRL Million Mar 2023
Gross National Product 2472319.62 2501614.89 BRL Million Mar 2023
Gross Fixed Capital Formation 451602.79 488456.05 BRL Million Mar 2023
GDP from Utilities 8098.95 7597.60 BRL Million Mar 2023
GDP from Transport 8996.02 9248.16 BRL Million Mar 2023
GDP from Services 190996.69 199295.29 BRL Million Mar 2023
GDP from Public Administration 39273.62 39334.87 BRL Million Mar 2023
GDP from Mining 2371.69 2557.90 BRL Million Mar 2023
GDP from Manufacturing 27372.48 29668.01 BRL Million Mar 2023
GDP from Construction 15299.06 16045.32 BRL Million Mar 2023
GDP from Agriculture 31567.93 13263.27 BRL Million Mar 2023

Brazil GDP Annual Growth Rate
Brazil is the tenth largest economy in the world and the biggest in Latin America. The services sector is the most important and accounts for 63 percent to total GDP. The biggest segments within services are: government, defense, education and health (15 percent of total GDP); other services (15 percent); wholesale and retail trade (11 percent); real estate (8 percent); and financial services (7 percent). Also, industry contributes to 18 percent of GDP, with manufacturing (11 percent) and construction (4 percent) accounting for the largest share. The agriculture and livestock sector accounts 5 percent of GDP. On the expenditure side, household consumption is the main component of GDP and accounts for 63 percent of its total use, followed by government expenditure (20 percent) and gross fixed capital formation (16 percent). Exports of goods and services account for 13 percent of GDP while imports account for 12 percent, adding 1 percent of total GDP.
Actual Previous Highest Lowest Dates Unit Frequency
4.00 1.90 12.40 -10.10 1991 - 2023 percent Quarterly

News Stream
Brazil Economy Expands More than Expected
Brazil's GDP expanded 4% year-on-year in Q1 2023, accelerating from a 1.9% advance in the previous period and above forecasts of 3%. The services sector grew 2.9% and all service activities showed positive growth; industry rose 1.9%, with extractive industries registering the best results due to higher oil and gas extraction and iron ore mining. On the other hand, the manufacturing sector declined by 0.9%, amid decreases in the production of chemicals, metallurgy, wood products, non-metallic mineral products, and machinery and equipment. On the expenditure side, consumer spending by households increased by 3.5%, supported by real wage growth, increased credit availability, and lower inflation; government consumption went up by 1.2% and gross fixed capital formation edged up by 0.8%. For 2023, the Finance Ministry expects 1.9% growth, amid better-than-anticipated agricultural output and a stronger services sector due to government measures that increased disposable income.
2023-06-01
Brazil Economy Grows at Slowest Rate Since March 2021
The Brazilian economy expanded 1.9 percent year-on-year in the fourth quarter of 2022, following a 3.6 percent advance in the previous three-month period and below analysts’ forecasts of 2.2 percent growth. It was the slowest expansion since March 2021, as both government (0.5 percent vs. 1.0 percent in Q3) and consumer spending ( 4.3 percent vs. 4.6 percent) slowed. At the same time, gross fixed capital formation rose softer (3.5 percent vs. 5.0 percent). Regarding net trade, exports advanced 11.7 percent (8.1 percent in Q3), while imports grew 4.6 percent (10.6 percent in Q3). On a seasonally adjusted quarterly basis, the GDP contracted 0.2 percent, following a revised 1.0 percent advance in the previous period. Considering the entire 2022, the Brazilian economy grew by 2.9 percent.
2023-03-02
Brazil Economy Expands for Seventh Straight Quarter
The Brazilian economy expanded 3.6 percent year-on-year in the third quarter of 2022, following an upwardly revised 3.7 percent advance in the previous three-month period and mostly in line with market expectations. It was the seventh consecutive quarterly growth, with government spending (1.0 percent vs. 0.9 percent in Q2) and gross fixed capital formation (5.0 percent vs. 1.5 percent) increasing faster. Meantime, private consumption slowed (4.6 percent vs. 5.7 percent). Regarding net trade, exports advanced 8.1 percent (vs. -4.6 percent in Q2), while imports grew 10.6 percent (vs. -1.0 percent in Q2). On a seasonally adjusted quarterly basis, the GDP grew 0.4 percent, easing from a revised 1.0 percent advance in the previous period.
2022-12-01