RIO DE JANEIRO, Mar 5 (NNN-CMA) – Brazil’s economy grew 4.6 percent in 2021, marking the fastest rate since 2010, and a clear recovery from the sharp 3.9 percent contraction in gross domestic product (GDP) in 2020, the state-run Brazilian Institute of Geography and Statistics (IBGE), said yesterday.
According to the IBGE report, the three main sectors that contribute to Brazil’s GDP performing unevenly in 2021, were the agricultural sector shrinking 0.2 percent compared to 2020, while industry grew 4.5 percent and services expanded 4.7 percent.
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 percent, while government consumption grew by two percent.
Investment, in turn, recovered from 2020 to rise 17.2 percent, while imports expanded 12.4 percent and exports increased 5.8 percent.
In the fourth quarter of 2021, Brazilian GDP grew 1.6 percent compared to the same period in 2020, the fourth increase in a row, after four consecutive quarterly declines in 2020.
Brazilian financial analysts forecast just 0.3 percent GDP growth in 2022, well below the global average.– NNN-CMA
