Rio de Janeiro – Brazil’s gross domestic product (GDP) saw 0.2% quarter-on-quarter slowdown in the fourth quarter of 2021 but ended the year posting a 2.9% growth to BRL 9.9 trillion (USD 1.9 trillion). The GDP per capita reached BRL 46,155 (USD 8,846) last year, up 2.2% from the previous year.
The data are from the System of Quarterly National s announced Thursday (2) by the Brazilian Institute of Geography and Statistics (IBGE). The GDP growth in 2022 was driven by rises in services (4.2%) and industry (1.6%) that ed for a combined 90% of the index. Farming declined 1.7% in 2022.
“The two most eye-catching activities were some of those that saw the highest growth in 2021 (too), following declines in 2020: transportation and other services, which include categories of personal and professional services. This was a continuation of the resumption of the demand from services following the COVID-19 pandemic. In other services, we can highlight sectors related to tourism such as food services, hospitality services, and car rental,” IBGE National s coordinator Rebeca Palis said.
According to the IBGE, the highest highlight in industry was electricity and gas, water, sewage, and waste management activities (10.1%), which saw more favorable tariff rate flags in 2022.
The farming sector was down 1.7% last year, driven by a decreased production and lost productivity in agriculture, which overcome the positive contribution of livestock and fishery. “Soybean, the leading product of Brazilian farms, saw an estimated decline of 14.4% in production, thus pushing down the result of farming due to the impact of adverse climatic effects,” the researcher explained.
Translated by Guilherme Miranda
