Brazil GDP Growth Rate

Last Release

Dec 31, 2022

Actual

-0.2

Units In

0.4

Frequency

Quarterly

Next Release

Sep 03, 2024

Time to Release

2 Months 29 Days 10 Hours

Highest	Lowest	Average	Date Range	Source
7.8 Sep 2020	-8.9 Jun 2020	0.54 %	1996-2022	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 for 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 0.8% in the first quarter of 2024, rebounding from the revised 0.1% contraction in the fourth quarter of 2023 and in line with market expectations. It reflected some traction in the Brazilian economy after two periods of muted-to-negative growth, largely due to increased government transfers in President Lula’s second year in office, which helped consumers’ spending power offset the elevated real interest rates set by the Brazilian central bank. Growth was carried by a sharp expansion in the agricultural sector (11.3%) to rebound from the contraction in the earlier quarter, although harvests fell short of last year’s records. Meanwhile, services grew by 1.4%, with government transfers lifting commerce (3%) and communication output (2.1%). On the other hand, the industrial sector notched a slight contraction (-0.1%), pressured by competition from export markets. From the previous year, the Brazilian GDP expanded by 2.5% in the first quarter.