Brazil’s GDP grows 1.9% in the 1st quarter of 2023, says IBGE

The country’s GDP (Gross Domestic Product) grew 1.9% in the 1st quarter of the year compared to the 4th quarter of 2022. It currently totals R$ 2.6 trillion (US$520 billion).

The IBGE (Brazilian Institute of Geography and Statistics) released the data on Thursday (June 1, 2023).

The rise in the farming and livestock sector (21.6%) boosted the economy’s growth. The services sector, which has the greatest weight in the indicator, rose 0.6%. Industry, in turn, fell 0.1% in the period.

The financial market projections obtained by Poder360 indicated that the country would grow between 1.2% and 1.6% in the period in relation to the 4th quarter of 2022 when economic activity shrank 0.2%.

The Ministry of Finance announced on May 23 that the country should grow 1.2% from January to March.

Still, the survey was done before the announcement of sectorial data and the GDP forecast, measured by the Central Bank’s IBC-Br (Economic Activity Index).

According to the monetary authority, the country’s economic activity advanced 2.4% in the 1st quarter. The GDP Monitor from FGV (Getulio Vargas Foundation) calculated that Brazil grew 1.6% in the period.

The financial market is betting on a 1.26% growth in the GDP for 2023, according to the Focus Bulletin of the BC (Central Bank). The Ministry of Finance estimates the high at 1.9%.

COMPOSITION

The Brazilian GDP has the services sector with the most significant share (70.9%), followed by industry, with 22.5%. Here is the composition below, according to consolidated IBGE data:

The result is presented quarterly by the IBGE, which has up to 90 days after the closing of a period to publish it. The consolidated data, however, are only ready after two years.

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