Brazil's economy expands 2.9% in 2022

ISTANBUL

Brazil’s economy expanded 2.9% in 2022, according to official figures released by the Brazilian Institute of Geography and Statistics (IBGE).

While service and industry sectors showed growth of 4.2% and 1.6%, respectively, agriculture sector recorded a contraction of 1.7%.

On a quarterly basis, Brazil’s gross domestic product (GDP) was down 0.2% in the October-December period of last year, IBGE figures showed on Thursday.

The figure came in line with the market estimates, following a 0.4% expansion in the July-September period of 2022.

Annually, GDP in the fourth quarter showed an increase of 1.9%, compared to the same quarter of the previous year.

That came lower than the market estimate of a 2.2% increase, after the GDP posted an annual gain of 3.6% in the third quarter of last year.