Brazil’s economy grew 4.6% in 2021, fastest rate since 2010

Brazil’s economy grew 4.6 per cent in 2021, marking the fastest rate since 2010 and a clear recovery from the sharp 3.9 per cent contraction in gross domestic product (GDP) in 2020, according to official data

The state-run Brazilian Institute of Geography and Statistics (IBGE) said in a report released on Friday that the three main sectors that contribute to Brazil’s GDP performed unevenly in 2021, with the agricultural sector shrinking 0.2 per cent compared to 2020, while industry grew 4.5 per cent and services expanded 4.7 per cent, reports Xinhua news agency.

Agriculture “was not suffering from the effects of the pandemic and even grew in 2020, though last year we had several climatic problems, such as drought”, the IBGE said.

Household consumption, one of the engines of the Brazilian economy, rose by 3.6 per cent, while government consumption grew by 2 per cent.

Investment, in turn, recovered from 2020 to rise 17.2 per cent, while imports expanded 12.4 per cent and exports increased 5.8 per cent.

In the fourth quarter of 2021, Brazilian GDP grew 1.6 per cent compared to the same period in 2020, the fourth increase in a row after four consecutive quarterly declines in 2020.

Brazilian financial analysts have forecast just 0.3 per cent GDP growth in 2022, well below the global average.

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