Despite Brazil’s strong economic performance in 2022, the outlook for 2023 is less optimistic. To reduce economic uncertainty and boost cement demand, the government is being urged to resume investment in infrastructure and housing. Meanwhile, the domestic cement industry has stepped up its pursuit of carbon neutrality. By Sindicato Nacional da Indústria do Cimento (SNIC), Brazil.
Brazil’s GDP rose again in 2022, reaching BRL9.9trn (US$1.91trn), up 2.9 per cent YoY (see Table 1 and Figure 1). In per capita terms, the advance was 2.2 per cent YoY, totalling BRL46,154.60 (US$8927.39).
As Table 1 shows, the three categories that account for the country’s GDP performed to varying degrees in 2022: industry and services increased by 1.6 and 4.2 per cent respectively, while agriculture fell by 1.7 per cent. The drop in agriculture can be accredited to adverse climatic conditions that impacted certain crops during the year.
|
Table 1: YoY GDP change by sector, 2015-22 |
||||||||
|
Sector |
YoY change (%) |
|||||||
|
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
|
|
Farming |
3.3 |
-5.2 |
14.2 |
1.3 |
0.4 |
4.2 |
0.3 |
-1.7 |
|
Industry |
-5.8 |
-4.6 |
-0.5 |
0.7 |
-0.7 |
-3.0 |
4.8 |
1.6 |
|
Construction |
-9.0 |
-10.0 |
-9.2 |
-3.0 |
1.9 |
-2.1 |
10.0 |
6.9 |
|
Services |
-2.7 |
-2.2 |
0.8 |
2.1 |
1.5 |
-3.7 |
5.2 |
4.2 |
|
Trade |
-7.3 |
-6.6 |
2.3 |
2.6 |
|
-1.5 |
5.0 |
0.8 |
|
GDP at market prices |
-3.5 |
-3.3 |
1.3 |
1.8 |
1.2 |
-3.3 |
5.0 |
2.9 |
|
Source: Instituto Brasileiro de Geografia e Estatística (IBGE) – quarterly national accounts |
||||||||
