In 2024, GDP (Gross Domestic Product) increased by 3.4% from 2023. Industry (3.3%) and Services (3.7%) increased, whereas Agriculture dropped (-3.2%).

At current figures, GDP amounted to R$ 11.7 trillion in 2024. Per capita GDP reached R$ 55,247.45, with a real increase of 3.0% from the previous year. 

The investment rate in 2024 was 17.0% of the GDP, against 16.4% in 2023. The savings rate, in turn, stood at 14.5% in 2024, versus 15.0% in 2023.

Against Q3 2024, in the seaonally adjusted series, GDP changed by 0.2%. Industry (0.3%) and Services  (0.1%), whereas Agriculture dropped 2.3%.

Against Q4 2023, GDP advanced 3.6%, 16th consecutive positive result in this comparison. Agriculture dropped 1.5%, whereas Industry and Services increased by 2.5% and 3.4%, respectively.

GDP grows by 3.4% in 2024 

GDP increased by 3.4% in 2024 against the previous year. As a result, per capita GDP reached R$ 55,247.45 in 2024, with real increase of 3.4% against the previous year. GDP growth from the previous year resulted in a rise of Value Added at basic prices (3.1%) and of Product taxes net of subsidies (5.5%). the result of Value Added against that in 2023 reflected the performance of three activities: Agriculture (-3.2%), Industry (3.3%) and Services (3.7%).

The drop of 3.2% in Value Added of Agriculture in 2024 resulted from the weak performance of Agriculture, which surpassed the positive contribution of Livestock, Forestry and Fishing. According to the IBGE's Systematic Survey of Agricultural Production (LSPA), harsh climate conditions affected many important crops, leading to drops in annual output estimates, where soybean (-4.6%) and corn (-12.5%) stand out.

In Industry, Construction stood out with an increase of 4.3%, supported by the rise of employment in this activity, production of typical inputs and expansion of credit. Manufacturing industry (3.8%) rose, mainly driven to the increase in production: of car industry and transportation equipment; electrical machinery and apparatus; food products and furniture.  Electricity and gas, water, sewage, residue management activities (3.6%), influenced by the rise of average temperatures in the year and Mining and Quarrying industry (0.5%).

All the activities in Services recorded increases: Information and communication (6.2%), Other service activities (5.3%), Trade (3.8%), Financial, insurance and related services (3.7%), Real estate activities (3.3%), Transportation, storage and mailing (1.9%) and Administration, defense, public health and education and social security (1.8%).

From the perspective of expenditure, Gross Fixed Capital Formation increased by 7.3%, due to increases in domestic production and imports of capital goods, besides the expansion of Construction and Development of Software.

Household consumption expenditure increased by 4.8% from the previous year driven by the improvement in labor market, the expansion of credit and income transfer programs created by the government. Government consumption expenditure, in turn, increased by 1.9%.

In the foreign sector, Exports of Goods and Services increased by 2.9%, whereas Imports of Goods and Services increased by 14.7%. Among imports, chemicals; electrical machinery and apparatus; motor vehicles; machinery and equipment and services.

GDP changes by 0.2% against Q3 2024

In Q4 2024, GDP recorded a positive change of 0.2% against the previous quarter, in the seasonally adjusted series. Industry changed by 0.3%, Services recorded a positive change of 0.1%, whereas Agriculture dropped 2.3%, respectively.

Among industrial activities, Construction (2.5%), Manufacturing industry (0.8%) and Mining and Quarrying industry (0.7%) increased. Eletricity and gas, water, sewage, residue management activities decreased (-1.2%).

In Services, the activities of Transportation, storage and mailing (0.4%) and Trade (0,3%) recorded a positive change. There was stability in Real estate activities (0.1%), Administration, defense, health and public health and education (0.0%) and Other services activities (-0.1%). Financial, insurance and related services (-0.3%) and Information and communication (-0.4%) recorded negative results.

From the perspective of expenditure, Gross Fixed capital Formation changed by 0.4% and Government Consumption Expenditure increased by 0.6%, whereas there was a drop of Household Consumption Expenditure (-1.0%).

In the foreign sector, in the same comparison, Exports of Goods and Services dropped 1.3%, whereas Imports of Goods and Services recorded a negative change (-0.1%).

Against Q4 2023, GDP increases by 3.6% 

Against Q4 2023, GDP increased by 3.6% in the last quarter of 2024, the 16th consecutive positive result in this comparison.  Value Added at basic prices and Product taxes net of subsidies increased by 3.3% and 6.1%, respectively.

Among the activities, Agriculture dropped 1.5% from the same period in 2023. in spite of the positive contribution of Livestock and Forestry, this result is mainly a consequence of the weak performance of crops with relevant harvest in the fourth quarter, for example: orange (-21.1%), tobacco (-9.8%), wheat (-2.9%) and sugarcane (-0.9%).

Industry advanced 2.5% in the quarter. Manufacturing industry  increased by 5.3%, which represents the fourth consecutive increase in this basis for comparison, being influenced by the rise in basic metals; manufacture of machinery and equipment; manufacture of motor vehicles; and manufacture of chemicals.

Construction increased 5.1% in the quarter, with a contribution from the rise of typical inputs for production in this activity. 

On the other hand, Mining and Quarrying industry (-3.6%) decreased, driven by the drop in extraction of oil and gas and iron ore. Eletricityand gas, water, sewage and residue management activities also recorded decrease (-3.5%), with a result after the deceleration of increase in the consumption of electricity and worse tariff flags.

Services grew by 3.4% against the same period in 2023. The increase results from the positive performance of Information and communication (6.2%), where internet services and development of systems stand out, Trade (4.7%), Other service activities (4.5%) and Transportation, stotage and mailing (3.9%). Increases were also observed in: Real estate activities (2.6%), Financial, insurance and related activities (2.0%) and Administration, defense, public health and education and social security (1.7%).

In Q4 2024, Household Consumption Expenditure increased by 3.7%, a result of the continuous improvement in labor market, the expansion of credit and of income transfer programs created by the government. Government Consumption Expenditure (1.2%) also grew in the period. 

Gross Fixed Capital Formation grew by 9.4% in Q4 2024, driven by the advance of domestic production and imports of capital goods, of Construction and development of software.

In the foreign sector, Exports of Goods and Services dropped 0.7% whereas Imports of Goods and Services increased by 16.0% in Q4 2024. Considering exports, agriculture and mining and quarrying industry hadthe main performances. 

As for imports, with a positive result, electrical machinery and apparatus; chemicals; machinery and equipment; metal products and services stood out. 

GDP reaches R$ 11.7 trillion

Gross Domestic Product in 2024 amounted to R$ 11.7 trillion, R$ 10.1 trillion in Value Added at basic proces and R$ 1.6 trillion about Product taxes net of subsidies. 

The investment rate in 2024 was 17.0% of GDP, against 16.4% in 2023. The savings rate, in turn, stood at 14.5% in 2024 (against 15.0% a year ago).