According to Cepea (Center for Advanced Studies in Applied Economics) and CNA (Confederation of Agriculture and Livestock of Brazil), the Gross Domestic Product (GDP) of Brazilian agribusiness has experienced modest growth in 2023. In the second quarter of the year, there was a 0.27% increase, bringing the year-to-year figure to 0.50%. The sector’s GDP is expected to reach BRL 2.63 trillion this year, accounting for 24.4% of the country’s GDP. The growth in agribusiness was mainly supported by the record harvest performance in the countryside and the increase in livestock production, which led to higher demand for upstream (inputs) and downstream (agriculture services) segments.
Source: Globo Rural (*Translated by Ia Niani)