The largest economy in Latin America, Brazil has been reported to have seen a growth of 2.9% in 2022, according to information made public on Thursday by the Brazilian Institute of Statistics.
The Guardian reports that according to revised data, the statistic came after the country’s GDP expanded by 5% in 2021, and includes a 0.2 percent contraction in the fourth quarter of last year.
The far-right former president Jair Bolsonaro’s final year in office saw economic growth that was consistent with market forecasts.
Bolsonaro was succeeded as president by the socialist Luiz Inacio Lula da Silva in January 2023.
According to the institute’s data, the services sector, which increased by 4.2 percent, was the main driver of growth, while industry expanded by 1.6 percent and agriculture shrank by 1.7 percent.