The Brazilian Confederation of Agriculture and Livestock (CNA) had earlier predicted that the agricultural economy would grow by 8% to 8.5% annually. The change was made in response to data from the Brazilian Institute of Geography and Statistics (IBGE), which revealed that the first quarter’s GDP for agriculture increased by 18.8% compared to the same quarter in 2022. “According to our estimates, agricultural activity in Brazil should increase by 10.5% by 2023, and GDP is expected to rise by 1.2%”. The agricultural sector would contribute positively to Brazil’s GDP according to Renato Conchon, coordinator of the CNA Economic Core. The agriculture sector is expected to grow at the fastest rate, from 6.8% of the national GDP in 2022 to over 8% in 2023.
Source: Canal Rural (*Translated by Ia Niani)