Brazil’s economy, the largest in Latin America, grew 2.9 percent in 2022, according to data released Thursday by the Brazilian Institute of Statistics.
That figure includes a 0.2 percent contraction in the fourth quarter of last year, and comes after the country’s GDP grew 5 percent in 2021, according to revised figures.
Economic growth in 2022, the last year of far-right former president Jair Bolsonaro’s term, was in line with market expectations.
In January 2023, Bolsonaro was replaced by leftist President Luiz Inacio Lula da Silva.
Growth was mainly fueled by the services sector, which grew 4.2 percent, with industry growing 1.6 percent and the agricultural sector contracting 1.7 percent, according to the institute’s data.
