Photo: Brazilian economy
Brazil’s economy expanded 2.3 percent in 2013, compared with growth of 1 percent the previous year, the Brazilian Institute of Geography and Statistics, or IBGE, said Thursday.
The country’s gross domestic product for 2013 was estimated at 4.84 trillion reais (some $2.05 trillion), the IBGE said.
The institute’s GDP figure was nearly in line with forecasts by economists, who had predicted earlier this year that the economy grew by between 2.28 percent and 2.3 percent in 2013.
After expanding 7.5 percent in 2010, the Brazilian economy has struggled in recent years, growing 2.7 percent in 2011 and just 1 percent in 2012.
The government, meanwhile, has tempered expectations surrounding the country’s economic performance in 2014, saying last week it is projecting 2.5 percent growth, down from an earlier forecast of 4 percent expansion.
Economic growth in 2013 was mainly driven by the agricultural sector, whose production increased by 7 percent, followed by services and industry, which saw output rise by 2 percent and 1.3 percent, respectively.
In the last quarter of 2013, Brazil’s economy grew 0.7 percent relative to the third quarter and 1.9 percent compared to the same three-month period of 2012.
Brazil’s GDP totaled 1.29 trillion reais (some $548.5 billion) for the October-December period.