Brazil’s Economy Beats Projections, Grows 2.9% In Lula’s 1st Year

Brazil’s economy grew 2.9% in 2023, beating expectations in the first year of the administration of President Luiz Inácio Lula da Silva, according to the government statistics institute, the Associated Press (AP) reported.

Brazil’s economy is now the ninth biggest in the world.

The number announced by IBGE impressed many economists, whose overall forecasts early last year was for only 0.8% growth in 2023. Brazil’s economy grew 3% in 2022, partly due to government spending programs pushed by then-President Jair Bolsonaro amid his failed reelection bid.

The credit rating agency Austin Ratings said Brazil’s economy is now the ninth biggest in the world, based on the preliminary gross domestic product numbers announced Friday.

Reaching $2.17 trillion in GDP last year moved the South American nation ahead of Canada and Russia, it said. The Brazilian statistics agency said Brazil’s record production of soybeans and corn helped the overall results.

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