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Brazil GDP expanded 2.3% in 2013; agriculture again the main engine

Friday, February 28th 2014 - 03:28 UTC
Full article 4 comments
Brazil is among the world's leading exporters of soy and corn  Brazil is among the world's leading exporters of soy and corn

Brazil's economic output grew 2.3% in 2013 for a third straight year of modest expansion by Latin America's biggest economy, the government announced on Thursday. GDP for the final quarter of the year rose a 0.7% compared to the third quarter, according to Brazil's Institute for Geography and Statistics, IBGE.

 Among the sectors showing the greatest expansion was agriculture, which rose by seven percent. By contrast, the service sector expanded by two percent and industrial output was up 1.3 percent.

Consumption by Brazilians, the main engine driving the economy, increased 2.3 percent, the government said.

In 2012, the economy expanded just one percent after growing 2.7% in 2011. GDP ballooned 7.5% in 2010.

To stimulate the economy, the government since 2011 has cut taxes on cars and home appliances among other measures.

Brazil's GDP for 2013 has been estimated at 4.84 trillion Reais (some 2.05 trillion dollars), the IBGE said.

The institute’s GDP figure was nearly in line with forecasts by economists, who had predicted earlier this year that the economy grew by between 2.28% and 2.3% in 2013.

The government for President Dilma Rousseff has watered down expectations surrounding Brazil's economic performance in 2014, saying last week it is projecting 2.5% growth, down from an earlier forecast of 4 percent expansion.

Top Comments

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  • Brasileiro

    It's impossible! Brazil is broken can not grow! Brazil is a stubborn country...

    México is an economic powerhouse! Mexico is from Pacific Alliance! I think they grew 6% or 7% in 2013 ... WHAT? Only 1,1%.....It's impossible!!


    Feb 28th, 2014 - 11:30 am 0
  • yankeeboy

    At this rate of slow down Brazil will be in recession in 2014.
    Possibly Stagflation

    Feb 28th, 2014 - 12:31 pm 0
  • Captain Poppy

    The are the largest economy and the last to be affected by the events of their policies. They will also be the last to come out of the slowdown. However the irony here is they will also affect when the other SA countries turn around which in turn again will affect Brazil. Catch 22.......the dictocracies inept policies are catching up to them. It's slowdown is increasing at an increasing rate. Brazil is getting desperate and is beginning to toss their excess weight.....Veneztina.

    Feb 28th, 2014 - 12:49 pm 0
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