Brazil’s Gross Domestic Product shows growth in February

According to information released by the Brazilian Institute of Economics of the Getulio Vargas Foundation (Ibre/FGV), Brazil’s Gross Domestic Product (GDP) increased by 2.5% in February compared to January. As stated in an official note by the coordinator of the GDP Monitor – FGV, Juliana Trece, this significant growth was driven mainly by agricultural activity in the country.

“Although industry and services have also grown in comparison with January, the expressive agricultural performance, justified mainly by the record soybean harvest and its high participation in the added value of agriculture, is the main highlight of the economy in the month. With most of the soybean harvest being carried out in the months of February, March and April, this result suggests the persistence of the good economic performance at the beginning of the year”, says Juliana.

During the moving quarter ended in February 2023, the sum of all goods and services produced in the country expanded by 2.7% compared to the same period of the previous year. Household consumption grew by 4.4%, with emphasis on consumption of services and non-durable products. In the first two months of 2023, in current values, the Gross Domestic Product (GDP) reached approximately R$ 1.829 trillion in monetary terms.