Agribusiness could be the engine of the Brazilian economy in 2023

The agribusiness sector is very important and any changes that occur in it can directly impact the Brazilian economy. After retreating in 2022, Agribusiness should have its biggest growth since 2017. According to calculations carried out by the Brazilian Institute of Economics of the Getúlio Vargas Foundation (FGV-Ibre), the sector will have an increase of 8% in GDP during this year. If this number is confirmed, it will be the biggest growth in the sector in 6 years.

Economists explain that this positive result estimated for 2023 is just a result of a comparison with a weak 2022, but on the other hand, the harvest for this year should reach record levels, which to a certain extent justifies the optimistic projections. Data from the IBGE indicate that the harvest of grains, cereals and legumes should reach 293.6 million tons in 2023, an increase of 11.8% compared to 2022.