Brazil’s gross domestic product (GDP) ended 2022 with a 2.9 percent growth, totaling BRL 9.9 trillion, despite the 0.2 percent slip in the fourth quarter of the year.
The per capita GDP stood at BRL 46,155 last year, a real increase of 2.2 percent from the previous year.
The data were released today (Mar. 2) by statistics bureau IBGE.
The expansion in 2022 was driven by increases in services (4.2%) and industry (1.6%), which added up to about 90 percent of the indicator. On the other hand, the farming and livestock sector shrank 1.7 percent in the same year.
“Of this 2.9 percent growth in 2022, services accounted for 2.4 percentage points. Besides being the heaviest sector, it was the one that saw the greatest surge, which shows how high its contribution to the economy was in the year,” said IBGE National Accounts Coordinator Rebeca Palis.
“The two top activities are among the fastest growing in 2021 after the declines of 2020—in transportation and other services, which includes both personal and professional services. This was a continuation of the pickup in demand for services after the COVID-19 pandemic,” she added.
The main highlight in industry was electricity and gas, water, sewage, waste management activities (10.1%), which had more favorable tariff flags in 2022.
“The growth for this activity is deeply linked with the recovery from the water crisis in 2021. Besides the growth of the economy, there was the shutdown of thermal power plants, which reduced production costs, building added value for the activity,” the coordinator argued.
Soybeans
The 1.7 percent slip in agriculture and livestock was attributed to the decline in production and loss of productivity in agriculture, which outweighed the positive contribution of livestock and fishing activities.
“Soy, the main product in Brazilian farming, with an estimated drop in production of 11.4 percent, was the year’s main culprit, impacted by adverse weather effects,” she went on to point out.
