{"id":19700,"date":"2024-01-03T14:02:35","date_gmt":"2024-01-03T14:02:35","guid":{"rendered":"https:\/\/www.selinawamucii.com\/news\/?p=19700"},"modified":"2024-01-03T14:05:51","modified_gmt":"2024-01-03T14:05:51","slug":"brazil-leap-frogs-to-the-9th-position-of-global-economies-thanks-to-agriculture","status":"publish","type":"post","link":"https:\/\/www.selinawamucii.com\/news\/2024\/01\/03\/brazil-leap-frogs-to-the-9th-position-of-global-economies-thanks-to-agriculture\/","title":{"rendered":"Brazil leap-frogs to the 9th\u00a0position of global economies thanks to agriculture"},"content":{"rendered":"\n

<\/u><\/a><\/p>\n\n\n\n

Brazil\u00a0was the ninth largest economy in the world in 2023, per the International Monetary Fund (IMF)’s projections of December 19, 2023. \u00a0A strong Gross Domestic Product (GDP) growth of 3.1%, buoyed by agriculture helped the nation leap-frog from the 11th<\/sup>\u00a0position.<\/p>\n\n\n\n

At the end of 2023, Brazil\u2019s economists were expecting a GDP grossing of $2.13 trillion. Now they are celebrating the economic surge in President Luiz In\u00e5cio Lulu da Silva\u2019s acclaimed first term.<\/u><\/a><\/p>\n\n\n\n

While the rest of the world will slow down by 3% in 2024, Brazil\u2019s economy will be the exception. IMF projects the Brazilian economy to grow by 1.5% <\/u><\/a>in 2024.<\/p>\n\n\n\n

However, this growth will fall shy of the national forecast of 2.2%. It will also be slightly lower than the Organization for Economic Co-operation and Development (OECD)\u2019s forecast of 1.8%. <\/p>\n\n\n\n

Agriculture the Backbone<\/strong><\/strong><\/h3>\n\n\n\n

Agriculture is the backbone of the economy and it has made Brazil the fourth largest agricultural nation in terms of production. The country produces more coffee, citrus and sugarcane than any other country. It also sometimes leads in beef, poultry and soybean<\/u><\/a> production. <\/p>\n\n\n\n

Since 2000, Brazil\u2019s agricultural value has been growing by 8% annually, according to the U.S. Department of Agriculture (USDA).<\/p>\n\n\n\n

Crop production and livestock rearing are the two constituents of this remarkable value growth. \u00a02021 statistics show that the two contributed 8% of the country\u2019s GDP. However, with food processing included, the value bloated to 29% of the GDP for 2021.<\/p>\n\n\n\n

Soybeans & Beef among Leading<\/strong> Exports<\/h3>\n\n\n\n

The export margins have also been growing in the past 20 years, especially for soybeans. Soy exports went from being 40% of U.S. exports in 2000 to surpassing the American equivalent by 20% in 2020.<\/p>\n\n\n\n

In 2023, Brazil\u2019s soybean trends increasingly became a key determinant of U.S.\u2019 agricultural market futures<\/u><\/a>. Low supplies from Brazil, for instance, led to high soy prices in the United States during the American off-season.<\/p>\n\n\n\n

Indeed, 50% of the world\u2019s soybean supplies per year come from Brazil. Some 17% of the country\u2019s farmlands grow this oilseed.<\/p>\n\n\n\n

The same applies for animal products. 2022 figures placed Brazil first for total frozen beef shipments totalling $10.9 billion or 28.3% of the global total.\u00a0<\/p>\n\n\n\n

Agricultural Production and Consumption Rate<\/strong><\/strong><\/h3>\n\n\n\n

While production is the main driver of Brazil\u2019s agricultural growth, the yield rate and consumer consumption also provide momentum.<\/p>\n\n\n\n

Average crop yields in Brazil hover around 2.80 tonnes per hectare, according to OECD data<\/u><\/a>.  Meat consumption, on the other hand, is 24.4 kg per capita. <\/p>\n\n\n\n

Crop and meat commerce contribute a part of the 16.5% of the GDP that trade in goods and services brings Brazil. Most consumers buy their agricultural products at home markets and supermarkets.<\/p>\n\n\n\n

Thus, agriculture has had the biggest momentum for Brazil\u2019s economy in 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"

Brazil\u00a0was the ninth largest economy in the world in 2023, per the International Monetary Fund (IMF)’s projections of December 19, 2023. \u00a0A strong Gross Domestic Product (GDP) growth of 3.1%, buoyed by agriculture helped the nation leap-frog from the 11th\u00a0position. At the end of 2023, Brazil\u2019s economists were expecting a GDP grossing of $2.13 trillion….<\/p>\n","protected":false},"author":3,"featured_media":19701,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"yoast_head":"\nBrazil leap-frogs to the 9th\u00a0position of global economies thanks to agriculture - Selina Wamucii | Food & Agriculture News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.selinawamucii.com\/news\/2024\/01\/03\/brazil-leap-frogs-to-the-9th-position-of-global-economies-thanks-to-agriculture\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brazil leap-frogs to the 9th\u00a0position of global economies thanks to agriculture - Selina Wamucii | Food & Agriculture News\" \/>\n<meta property=\"og:description\" content=\"Brazil\u00a0was the ninth largest economy in the world in 2023, per the International Monetary Fund (IMF)’s projections of December 19, 2023. \u00a0A strong Gross Domestic Product (GDP) growth of 3.1%, buoyed by agriculture helped the nation leap-frog from the 11th\u00a0position. 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