Brazil's GDP Grows 0.9% in Q3, Matching China's Growth and Ranking Fourth in G20

Dec 3, 2024, 02:33 PM

Brazil's economy grew by 0.9% in the third quarter of 2024, exceeding market expectations, according to data released on December 3 by the Brazilian Institute of Geography and Statistics (IBGE). This marks the 13th consecutive expansion and was driven by the services sector, which expanded by 0.9%, and the industrial sector, which grew by 0.6%, while agriculture contracted by 0.9%. Investments rose by 2.1%, increasing the investment rate from 16.4% to 17.6%, and household consumption increased by 1.5%, bolstered by strong consumer and government spending. Over the past 12 months, Brazil's GDP has accumulated a growth of 4%, reaching R$3 trillion. This stronger-than-expected performance positions Brazil among the top-performing economies in the G20 during this period, ranking fourth after Indonesia and Mexico, and matching China's growth.