Weekly Report - 09 March 2023 (WR-23-10)

BRAZIL | GDP figures highlight challenges. The Brazilian economy grew 2.9% in 2022, GDP figures released on 2 March by the national statistics institute (Ibge) show. Growth in the services (4.2%) and industrial (1.6%) sectors underpinned this expansion, while the agricultural sector contracted 1.7%, reflecting a smaller soya output due to adverse climatic conditions. On the demand side, family consumption buoyed growth, expanding 4.3% in the year – compared with 1.5% growth in government consumption.