Brazil GDP Growth Rate

Last Release

Dec 31, 2022

Actual

-0.2

Units In

0.4

Frequency

Quarterly

Next Release

Jun 04, 2024

Time to Release

3 Months 1 Days 11 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 gross domestic product stalled in the fourth quarter of 2023, extending the revised third-quarter print that also reflected a stall, and missing market expectations of a 0.1% increase. It reflected the first back-to-back quarters without growth since the pandemic-driven economic crisis in the first half of 2020, strengthening the argument for doves in the Central Bank of Brazil and aligning with the central bank’s guidance of repeated rate cuts. Among different industries, the key agricultural sector plummeted by 5.3% from the third quarter, enough to fully offset the expansions for industry (1.3%) and services (0.3%). The GDP expanded by 2.1% compared to the corresponding quarter of the previous year, notching a 2.9% expansion during the whole of 2023.