Brazil GDP Annual Growth Rate

Last Release

Dec 31, 2022

Actual

1.9

Units In

3.6

Frequency

Quarterly

Next Release

Feb 28, 2025

Time to Release

2 Months 24 Days 12 Hours

Highest	Lowest	Average	Date Range	Source
12.3 Jun 2021	-10.7 Jun 2020	2.4 %	1991-2022	N/A

Brazil is the tenth largest economy in the world and the biggest in Latin America. The services sector is the most important and accounts for 63 percent to total GDP. The biggest segments within services are: government, defense, education and health (15 percent of total GDP); other services (15 percent); wholesale and retail trade (11 percent); real estate (8 percent); and financial services (7 percent). Also, industry contributes to 18 percent of GDP, with manufacturing (11 percent) and construction (4 percent) accounting for the largest share. The agriculture and livestock sector accounts 5 percent of GDP. On the expenditure side, household consumption is the main component of GDP and accounts for 63 percent of its total use, followed by government expenditure (20 percent) and gross fixed capital formation (16 percent). Exports of goods and services account for 13 percent of GDP while imports account for 12 percent, adding 1 percent of total GDP.

Latest Updates

Brazil's GDP grew 4.0% from the previous year in Q3 2024, driven by a 3.7% increase in value-added activity and a 6.4% rise in net product taxes. While agriculture contracted (-0.8%) due to lower production of key crops like corn (-11.9%) and oranges (-14.9%), industry expanded by 3.6%, led by construction (+5.7%) and manufacturing (+4.2%), supported by automotive production and other key sectors. Services grew 4.1%, with information and communication (+7.8%) and other services (+6.4%) showing strong growth. Household consumption rose 5.5%, driven by government programs and labor market improvements, while government spending increased 1.3%. Investment surged 10.8%, reflecting higher capital goods production, software development, and construction activity. Externally, exports increased 2.1%, led by food products and chemicals, while imports jumped 17.7%, with strong growth in chemicals, machinery, and vehicles.