BRAZIL’S GDP EXPECTED TO GROW BY 2.3% THIS YEAR

According to the Independent Fiscal Institution (IFI), Brazil’s GDP is expected to rise by 2.3% in 2024, above earlier estimates. This increase is due to strong economic activity in the first half of the year, as well as growth in consumption of goods and services, driven by labor market dynamism, resulting in increased employment and real income. Despite the floods in Rio Grande do Sul, the economy remained healthy. Other estimates for growth come from the Getulio Vargas Foundation (2.2%), the IMF (2.1%), and the Ministry of Finance (2.5%). In 2023, the Brazilian GDP rose by 2.9% to BRL 10.9 trillion.
Source: Uagro / Datagro (*Translated by Ia Niani)