LatinNews Daily - 04 March 2024

*Brazil’s national statistics institute (Ibge) has reported that the country’s GDP closed 2023 at R$10.9trn (US$2.2trn), registering an annual growth rate of 2.9%. This marks a slight drop from the 3.0% growth registered in 2022. The agricultural sector registered the highest annual growth rate (+15.1%), in stark contrast to the contraction of 1.1% in 2022. The industrial sector grew by 1.6% (up 0.1 percentage points year-on-year), while services saw 2.4% annual growth (down 1.9 percentage points from 2022). Within the agricultural sector, the production of soya (+27.1%) and maize (+19.0%) registered record annual growth rates. Growth in the industrial sector was mainly driven by extractive industries (+8.7%) in 2023, while financial activities, insurance, and related services (+6.6%) had the highest growth rate within the services sector. Speaking to the press following the release of the Ibge figures, Finance Minister Fernando Haddad said that growth in 2023 surpassed previous expectations and that he believed 2024 would be good year for the industrial sector, in which the government has sought to boost investment.