The GDP (Gross Domestic Product) grew 2.9% over 2022. Agriculture (15.1%), Industry (1.6%) and Services (2.4%) rose.

The GDP added up to R$10.9 trillion in 2023. The per capita GDP reached R$50,193.72 in 2023, a real advance of 2.2% over the previous year.

The investment rate in 2023 was 16.5% of the GDP, whereas it had registered 17.8% in 2022. On its turn, the savings rate stayed at 15.4% in 2023 against 15.8% in 2022.

In the seasonally-adjusted series, the GDP remained stable (0.0%) against the third quarter. Industry advanced 1.3%, Services changed 0.3% and Agriculture retreated 5.3%.

Compared with the fourth quarter of 2022, the GDP advanced 2.1% in the last quarter of 2023, the 12th consecutive positive result in this comparison basis. Agriculture remained stable, whereas Industry advanced 2.9% and Services grew 1.9%.

The GDP grew 2.9% in 2023 over the previous year. The Value Added at basic prices increased 3.0% and the Product Taxes less Subsidies, 2.1%.

The result of the Value added in this type of comparison reflected the performance of the three activities that comprise it: Agriculture (15.1%), Industry (1.6%) and Services (2.4%).

The per capita GDP reached R$50,193.72 (at current values) in 2023, an advance (in real terms) of 2.2% in relation to the previous year.

The rise in Agriculture was mainly due to the growth in the output and gain of productivity of the Agriculture activity. According to the Systematic Survey of Agricultural Production (LSPA/IBGE), several crops increased their output in 2023, highlighted by soybeans (27.1%) and corn (19.0%), which hit record productions in the time series. On the other hand, some crops dropped in the estimate of annual output, like, for example, wheat (-22.8%), oranges (-7.4%) and rice (-3.5%).

In Industry, the positive highlights were Mining and quarrying industries, which grew 8.7%, mainly due to the rise in the extraction of petroleum and natural gas and of iron ore, as well as the activity of Electricity and gas, water, sewerage and waste management (6.5%), influenced by the improvement in the hydric conditions in relation to 2022 and by the increase in the average temperatures in the year.

Manufacturing industries (-1.3%) recorded a negative performance, mainly caused by the drop in the manufacture of chemicals, machinery and equipment, basic metals and cars. Construction also dropped 0.5%, being supported by the drop in the production of typical inputs and in employment.

All the activities grew in Services: Financial activities, insurance and related services (6.6%), Real estate activities (3.0%), Other services activities (2.8%), Information and communication (2.6%), Transportation, storage and mailing (2.6%), Administration, defense, public health and education, and social security (1.1%) and Trade (0.6%).

Under the point of view of expenditure, Gross fixed capital formation fell 3.0%. Among its components, the drop in machinery and equipment (-9.4%) stood out.

Household consumption expenditure advanced 3.1% in relation to the previous year, leveraged by the real wage bill, by the cooling of inflation and by cash transfer governmental programs. Government consumption expenditure, in turn, grew 1.7%.

In the foreign sector, Exports of goods and services rose 9.1%, whereas Imports of goods and services dropped 1.2%.

GDP remains stable in relation to Q3 2023

In the seasonally-adjusted series, the GDP remained stable (0.0%) in the comparison between the fourth and third quarters of 2023. Industry advanced 1.3%, Services changed 0.3% and Agriculture retreated 5.3%, respectively.

In the industrial activities, the rise in Mining and quarrying industries (4.7%), Construction (4.2%) and Electricity and gas, water, sewerage and waste management (2.8%) rose. On the other hand, Manufacturing industries registered a negative change (-0.2%).

In Services, the activities of Other services activities (1.2%), Financial activities, insurance and related services (0.7%), Real estate activities (0.1%) and Administration, defense, public health and education, and social security (0.1%) recorded positive rates. Conversely, the following activities contributed negatively: Trade (-0.8%), Transportation, storage and mailing (-0.6%) and Information and communication (-0.1%).

Under the point of view of expenditure, Gross fixed capital formation and Government consumption expenditure grew (both with 0.9%), whereas Household consumption expenditure (-0.2%) reported a negative change.

Concerning the foreign sector, Exports of goods and services remained virtually stable (0.1%), whereas Imports of goods and services rose 0.9%.

GDP rises 2.1% over Q4 2022

The GDP advanced 2.1% against the fourth quarter of 2022, registering the 12th consecutive positive figure in this comparison. The Value Added at basic prices increased 2.3% and the Product Taxes less Subsidies, 0.7%.

Agriculture remained stable in relation to 2022. The Agriculture rate can also be explained by the performance of some products that have a relevant harvest in the quarter and by the productivity. According to the Systematic Survey of Agricultural Production (LSPA/IBGE). Among the agricultural products whose harvests are significant in the fourth quarter, the highlights were: wheat (-22.8%), oranges (-7.4%), cassava (5.1%) and sugarcane (14%).

Industry advanced 2.9% and the major highlights were: Mining and quarrying industries, which grew 10.8%, leveraged by the rise in the extraction of both petroleum and gas and iron ore, and the activity of Electricity and gas, water, sewerage and waste management (8.7%), influenced by the high temperatures in the period.

The activity of Construction advanced 0.9% in the quarter. On the other hand, Manufacturing industries registered a negative figure of 0.5% in the fourth quarter, influenced by the drop in the manufacture of machinery and equipment, pharmchemicals, motor vehicles and basic metals.

The value added of Services grew 1.9% in comparison with the same period in 2022. Such advance was caused by the positive results in Financial activities, insurance and related services (5.6%), Real estate activities (2.7%), Other services activities (2.4%) and Administration, defense, public health and education, and social security (1.7%). The activity of Transportation, storage and mailing (0.0%) remained stable, whereas the activities of Information and communication (-0.3%) and Trade (-0.1%) recorded a negative change.

Among the components of the domestic demand in the fourth quarter of 2023, Household consumption expenditure grew 2.3%, benefited from the continuous improvement in the labor market, cooling of inflation and governmental cash transfer programs. Government consumption expenditure (3.0%) increased in the period as well.

Gross fixed capital formation declined 4.4% in the fourth quarter of 2023, justified by the drop both in the domestic production and imports of capital goods.

In the foreign sector, Exports of goods and services rose 7.3%, whereas Imports of goods and services retreated 0.9% in the fourth quarter of 2023. Among the exports, the highlights were agriculture, mining and quarrying, petroleum products and food products. In the imports agenda, the most relevant drops occurred in chemicals, petroleum products, pharmaceuticals and machinery and equipment.