Brazil Witnesses 3.4 Percent Economic Growth in 2024

According to the IBGE report, strong household spending, which rose 4.8 percent year on year, helped drive last year's GDP growth. Industry and services, expanding 3.3 percent and 3.7 percent respectively, also contributed to the growth.

Meanwhile, agriculture shrank 3.2 percent in 2024 due to poor harvests. Exports rose 2.9 percent, while imports jumped 14.7 percent, driven by demand for chemicals, machinery, and motor vehicles.

Brazilian President Luiz Inacio Lula da Silva welcomed the economic growth in 2024, and called 2025 "the year of the harvest."

"A growing GDP means more jobs and more money in the hands of Brazilians," Lula posted on social media.

Minister of Planning and Budget Simone Tebet highlighted that the country's GDP per capita last year reached 55,247.45 reais (9,558.4 U.S. dollars), a 3.0 percent increase, emphasizing the need to "fight inflation to lower food prices."

Financial markets expect Brazil's GDP to grow 2.01 percent in 2025, while the government projects a growth rate of 2.3 percent.

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