Brazil's GDP Grows 0.9% in Q3 2024, Surpassing Expectations

Dec 4, 2024, 09:09 AM

Brazil's economy has shown robust growth in the third quarter of 2024, with GDP expanding by 0.9% from the previous quarter and 4% year-over-year. This growth was driven by strong performances in the services (0.9%) and industry (0.6%) sectors, despite a decline in agriculture (-0.9%). The Brazilian Institute of Geography and Statistics (IBGE) revised its 2023 GDP growth estimate to 3.2%, and the government has indicated an upward revision for 2024 projections. Economists are forecasting a potential GDP growth of up to 4% for the third quarter, with expectations for 2024 reaching 3.2%. However, concerns about overheating and recent spending cuts by President Lula might restrain future growth.