Data reviewed by the Brazilian Institute of Geography and Statistics (IBGE) confirm that the Brazilian economy grew 3.2% in 2023. Thus, the Gross Domestic Product (GDP, set of goods and services produced in the country) reached R$10.9 trillion.
The finding is part of the National Accounts System, released in Rio de Janeiro, this Thursday (6), by IBGE. The review procedure is an institute standard, which incorporates new data from IBGE sectoral surveys, and the results may or may not change.
When the 2023 GDP performance was initially released, in March 2024, the result showed growth of 2.9%. In December 2024, the value was revised to 3.2%. Now, definitively, the data has been confirmed.
IBGE figures show that GDP per capita of 2023 was equivalent to R$51,693.92. For 2023, IBGE shows the following performances:
Services: +2.8%
Industry: + 1.7%
Agriculture: + 16.3%
Family consumption, which represents 62.9% of GDP, grew 3.2%.
Recent data
Brazil already knows the performance of the economy in 2024which stood at 3.4% – the biggest expansion since 2021 (4.8%), marking four consecutive years of growth. This data will also undergo standard review by IBGE, and may or may not be changed.
Regarding 2025, the country knows the official data until the second quarter. Over four quarters, the economy showed an increase of 3.2%. The result of the full year will only be known in March 2026.
Expectation for 2025
The most recent edition of Macroeconomic Outlookprepared by the Economic Policy Secretariat (SPE) of the Ministry of Finance, points to an expansion of 2.3% of GDP in 2025.
The Focus report, a weekly survey by the Central Bank (BC) with financial institutions, published last Monday (3), estimates increase of 2.16%.
What is GDP
The Gross Domestic Product (GDP) is the set of all goods and services produced in a location in a given period. With the data, it is possible to trace the behavior of the economy of the country, state or city, as well as make international comparisons.
GDP is calculated with the help of various sectoral surveys such as commerce, services and industry.
During the calculation, care is taken to avoid double counting. An example: if a country produces R$100 of wheat, R$200 of wheat flour and R$300 of bread, its GDP will be R$300, as the values of flour and wheat are embedded in the value of bread.
The final goods and services that make up GDP are measured in the price at which they reach the consumer. This way, they also take into account the taxes charged.
GDP helps to understand the reality of a country, but it does not express factors such as income distribution and living conditions. It is possible, for example, for a country to have a high GDP and a relatively low standard of living, just as there can be a nation with a low GDP and a very high quality of life.
