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Brazil GDP Annual Growth Rate
Last Release
Dec 31, 2022
Actual
1.9
Units In
%
Previous
3.6
Frequency
Quarterly
Next Release
Dec 03, 2024
Time to Release
2 Months 28 Days 5 Hours
Highest | Lowest | Average | Date Range | Source |
12.3 Jun 2021 | -10.7 Jun 2020 | 2.4 % | 1991-2022 | N/A |
Brazil is the tenth largest economy in the world and the biggest in Latin America. The services sector is the most important and accounts for 63 percent to total GDP. The biggest segments within services are: government, defense, education and health (15 percent of total GDP); other services (15 percent); wholesale and retail trade (11 percent); real estate (8 percent); and financial services (7 percent). Also, industry contributes to 18 percent of GDP, with manufacturing (11 percent) and construction (4 percent) accounting for the largest share. The agriculture and livestock sector accounts 5 percent of GDP. On the expenditure side, household consumption is the main component of GDP and accounts for 63 percent of its total use, followed by government expenditure (20 percent) and gross fixed capital formation (16 percent). Exports of goods and services account for 13 percent of GDP while imports account for 12 percent, adding 1 percent of total GDP.
Latest Updates
The Brazilian GDP expanded by 3.3% from the corresponding period of the previous year in the second quarter of 2024, accelerating from the 2.5% increase in the first quarter, firmly above market expectations of a 2.7% increase. The result extended the stronger momentum for the Brazilian economy following the muted momentum at the end of 2023, strengthening the argument for hawks in the Brazilian central bank to deliver a rate hike. Growth was led by the services industry (3.5%) as the elevated level of government transfers stimulated consumption, with information and communication (6.1%), financial services (4%), and commerce (4%), recording the highest growth rates. The GDP also expanded for industry (3.9%), but contracted for agropecuary industries (-2.9%) due to lower prices for key agricultural commodities that Brazil depends on. From the earlier quarter, the Brazilian GDP rose by 1.4%.
Brazil GDP Annual Growth Rate History
Last 12 readings