Brazil's economy grows 2.9 percent in Lula's 1st year, beating expectations

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Associated Press

Mar 1, 2024 6:59 PM EST

SAO PAULO (AP) — Brazil’s economy grew 2.9 percent in 2023, beating expectations in the first year of the administration of President Luiz Inácio Lula da Silva, according to the government statistics institute Friday.

The number announced by IBGE impressed many economists, whose overall forecaste early last year was for only 0.8 percent growth in 2023.

Brazil’s economy grew 3 percent in 2022, partly due to government spending programs pushed by then-President Jair Bolsonaro amid his failed reelection bid.

The credit rating agency Austin Ratings said Brazil’s economy is now the ninth biggest in the world, based on the preliminary gross domestic product numbers announced Friday. Reaching $2.17 trillion in GDP last year moved the South American nation ahead of Canada and Russia, it said.

More:
https://www.pbs.org/newshour/world/brazils-economy-grows-2-9-percent-in-lulas-1st-year-beating-expectations