Ipea estimates an 11% growth for Brazilian agriculture and cattle ranching in 2023

The Brazilian Institute for Applied Economic Research (Ipea) estimates that agriculture and cattle-raising will grow by about 11% in 2023.

Rural production is a key sector of the country’s economy.

In Ipea’s estimate for agricultural production results, the highlight was the increase in the estimated value for crop production (14%).

Among the factors for the performance of this segment is the increase in the soybean harvest, forecast by the National Supply Company (Conab) at 20%.

The grain is the flagship of Brazil’s agribusiness.

Besides this, the growth forecast by Ipea for Brazilian agriculture and cattle-raising contributed to the increase of 2% that the institute projects for animal husbandry.

“The production of cattle, pigs, and poultry should continue to be those that will contribute most positively in 2023,” the agency informs in a note.

“We estimate that cattle production should grow 2.4%, still taking advantage of the positive part of the cycle of this segment,” the text informs.

“For the production of pigs, our estimate is a deceleration, but with a still expressive result, growing 5% in 2023.”

“In addition, after a much less negative result in the third quarter of 2022, we expect milk production to show an improving trend, culminating in growth of 1.3% in 2023.”

With information from Revista Oeste

More: Brazil news in English, every day from The Rio Times.