BRAZILIAN ECONOMY SEES A REMARKABLE GROWTH OF 3.4% IN 2024, THE HIGHEST SINCE 2021

The Brazilian economy grew by 3.4% in 2024, the fastest rate since 2021, with GDP reaching BRL 11.7 trillion, powered by the services (+3.7%) and industrial (+3.3%) sectors, while agriculture dropped 3.2% owing to weather disasters. Household consumption increased by 4.8%, helped by social programs, a hot job market, and decreased interest rates (an average of 10.9% each year). The unemployment rate fell to 6.6%, the lowest ever reported. Investment increased 7.3%, government consumption 1.9%, imports 14.7%, and exports 2.9%. GDP increased by 0.2% in the fourth quarter, with higher investments, but consumption fell due to inflation and rising interest rates. The GDP per capita BRL 55,247.45, representing a real 3% growth. Despite hurdles like an agriculture slump and inflation at the end of the year, the economy continued to grow steadily.
Source: Agência Brasil/Presente Rural (*Translated by Ia Niani)