Brazil’s economy grew by 3.4% in 2024, fueled by a 4.8% increase in household spending. Industry and services also contributed positively. However, agriculture faced a 3.2% decline due to poor harvests. Exports rose while imports surged significantly. The government aims to maintain growth momentum into 2025 amid inflation concerns.
Brazil’s economy experienced a growth of 3.4 percent in 2024 compared to the previous year, as reported by the Brazilian Institute of Geography and Statistics (IBGE). This economic expansion was largely fueled by robust household spending, which increased by 4.8 percent year-on-year. Additionally, the industrial and service sectors saw growth rates of 3.3 percent and 3.7 percent, respectively, further contributing to the overall GDP increase.
In contrast, the agricultural sector faced a decline of 3.2 percent in 2024, primarily due to poor harvest conditions. On the international front, exports rose by 2.9 percent while imports surged by 14.7 percent, attributed to increased demand for chemicals, machinery, and motor vehicles.
Brazil’s President, Luiz Inacio Lula da Silva, expressed optimism regarding the economic outlook, labeling 2025 as “the year of the harvest.” He noted on social media that a growing GDP results in more job creation and increased income for Brazilian citizens.
Additionally, Minister of Planning and Budget, Simone Tebet, pointed out that the GDP per capita for 2024 reached 55,247.45 reais (approximately 9,558.4 U.S. dollars), demonstrating a 3.0 percent increase. She emphasized the importance of combating inflation to bring down food prices for consumers. Moreover, financial markets are projecting a GDP growth of 2.01 percent for 2025 while the government is slightly more optimistic at 2.3 percent.
In conclusion, Brazil’s economy showcased significant resilience and growth in 2024, primarily driven by strong household consumption. With diverse contributions from various sectors, the overall expansion reflects positive trends, notwithstanding challenges in agriculture. The government remains hopeful for continued economic progress in 2025, emphasizing the need to address inflation for improved living standards.
Original Source: english.news.cn
