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The IBGE revised Brazil’s economic growth rates for the first three quarters of 2024 downwards and submitted the revisions to the quarterly national accounts for the fourth quarter of the same year.
GDP increased by 1.0% in the first quarter of the previous three months, slightly lower than the previously reported 1.1%.
The significant GDP was adjusted downwards from 1.4% to 1.3% in Q2 and from 0.9% to 0.7% in Q3 due to seasonal corrections.
IBGE reports that the GDP increases by 3.4% and reaches R $ 11.7 trillion in 2024.
In 2024, the GDP increased by 3.4% compared to 2023, marking its strongest performance in the past three years, according to IBGE’s report on Friday (7).
The country’s Gross Domestic Product showed a 0.2% increase in the fourth quarter of 2024 compared to the third quarter, resulting in a 3.4% growth for the year and reaching a total of R $ 11.7 trillion, as reported by IBGE.
Industry and services showed growth, whereas agriculture experienced a decline of 3.2%. The GDP amounted to R $ 11.7 trillion, and the per capita GDP rose to R $ 55,247.45, marking a 3.0% increase from the previous year.
In 2024, the investment rate as a percentage of GDP increased to 17.0%, surpassing the 16.4% recorded in 2023. Conversely, the savings rate dropped to 14.5% from the 15.0% reported in the prior year.
In the third quarter of 2024, after seasonal adjustment, the GDP increased by 0.2%. Industry and Services experienced growth of 0.3% and 0.1%, while Agriculture saw a decline of 2.3%.
GDP increased by 3.6% in the 4th quarter of 2023, making it the 16th consecutive growth period. Agriculture declined by 1.5%, while Industry and Services expanded by 2.5% and 3.4%, respectively.
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