Indicators
Brazil’s Economic Growth Bounces Back Under Lula and Defies High Interest Rates
- Agriculture and services drove economic growth in early 2023
- Lula casts borrowing costs as Brazil’s main obstacle to growth
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Brazil’s economy roared back in the first months of 2023, lifted by bumper harvests that outweighed the drag of double-digit borrowing costs.
Official data released on Thursday showed gross domestic product expanded 1.9% in the January-March period from the previous quarter, much more than the 1.2% median estimate of analysts surveyed by Bloomberg. From a year ago, the economy grew 4%.