Brazil's Economy Grows 2.9% in 2023, Surpassing Expectations

The growth, led by agriculture and foreign investment, positions Brazil as the world's ninth largest economy, moving ahead of Canada and Russia.

Brazil's economy grew by 2.9% in 2023, significantly outperforming the initial forecast of 0.8% growth.
Agriculture, particularly record production of soybeans and corn, was a major driver of the economic growth.
Brazil has become the ninth largest economy globally, with a GDP reaching $2.17 trillion, surpassing Canada and Russia.
Despite a stagnant fourth quarter, the government and President Lula remain optimistic, projecting a growth of at least 2.2% for 2024.
President Lula aims to boost the economy further by attracting more foreign investment, targeting growth above 3%.