SOYBEAN AND CORN PRODUCTION BOOSTED AGRICULTURAL GDP IN BRAZIL

In 2023, Brazil saw a 15.1% increase in agricultural GDP, the highest since 1996. This was due to record production of soybeans (up 27.1%) and corn (up 19%). Agriculture contributed a third of the GDP, which reached BRL 10.9 trillion, growing 2.9%. Mining and quarrying also contributed, with an emphasis on oil and gas. Agriculture boosted exports due to favorable weather and increased food consumption. However, the agricultural GDP decreased by 16.4% in the first quarter of 2023 due to a drop in the production of oranges, rice, and wheat.
Source: Dinheiro Rural (*Translated by Ia Niani)