Country GDP advanced 3.4% in 2024 compared to 2023; IBGE released the result this Friday (7.mar)
GDP growth (Gross Domestic Product) of Brazil was the 4th larger Among the G20 countries in 2024 before 2023. The survey was done by Austin Rating’s chief economist ,. This is a (PDF – 42 kb).
Brazil grew 3.4% last year. It was behind India (6.53%), Indonesia (5.03%) and China (5.00%). Node ranking Global, which considers 64 nations, Brazil’s growth rate was 20th. The largest global increase was from Macau (9.8%). The worst performance was from Austria (-1.2%).
Brazil grew above the global average, which was 3.2%. It was also above the average of G7 countries (Germany, Canada, the United States, France, Italy, Japan and the United Kingdom), 1.7%.
The rise of Brazilian GDP was below, but the average of BRICS countries (Brazil, Russia, India, China and South Africa). The average rate of these nations was 5.0%.
Underestimated GDP
Financial agents, public agencies and associations underestimated the growth of the Brazilian economy by 2024. Estimates available at the beginning of the year indicated that GDP would vary up to approximately 2% compared to 2023.
The estimates approached as the quarters advanced. The president of the president (PT) celebrated the heated rhythm, with members sharing the data of mass GDP.
“We continue with GDP growing and creating more jobs and income in the hands of Brazilians”, The petista when the result of the 3rd quarter came out in September.
On the other hand, a heated economy above expected brought an impact on inflation. In an attempt to control prices, the Central Bank began a high interest rate. It is 13.25% per year.
The highest rates make credit more expensive, which slows down consumption and production. As a result, prices tend not to increase so quickly.
Part of the growth is explained by a profile of the government itself. THE “welfare state” Almost with social programs and income transfers drives the economy, but imposes challenges for the adjustment of public accounts.
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Understand the GDP
The official result is calculated in two ways by IBGE: 1) from the perspective of the offer, which considers everything that was produced in the country, and 2) From the perspective of demand, which considers everything that was consumed.
On the side of the offer, they are considered:
- the industry;
- the services;
- Agriculture.
Already on the demand side, they are considered:
- the consumption of families;
- Government consumption;
- the investments;
- Exports less imports.
The result is presented quarterly by IBGE, which is up to 90 days after the closing of a period to disclose. The consolidated data, however, are ready only after 2 years.
